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Gurit presents a good business performance for the first half of the year despite the COVID-19 pandemic with strong sales growth of its continued business and an operating profit margin slightly over the top end of the provided full year margin guidance of 8.5-11%.
These results are supported by the resilience of the wind energy market in which, despite all the “stop and go” during the pandemic, Team Gurit managed to serve the customers with the best possible solutions. Very negative impacts came from the aerospace market which still saw a good first quarter but then was badly hurt by customer demand compression and additional supply chain de-stocking effects.
Composite Materials recorded net sales of CHF 134.1 million in the first half-year 2020 (1HY 2019: CHF 122.2 million). This represents an increase of 9.7% in reported Swiss francs and 16.4% at constant exchange rates as compared to the first half-year 2019. Within Composite Materials, sales to the wind energy market have increased across nearly all product groups. Sales have also grown due to Balsa raw material and corresponding sales price increases.
Kitting achieved sales of CHF 110.5 million in 1HY 2020 compared to 75.2 million in the 1HY of 2019. This is a strong increase by 47.0% (at constant exchange rates: 57.1%) as compared to the first half-year 2019.
Tooling saw its net sales reduced by -32.4% to CHF 45.8 million (at constant exchange rates: -27.8%) versus the record 1HY 2019. Completion of certain mould orders was delayed in the first half-year 2020 due to travel restrictions impacting customer mould installation and Gurit’s field work force. Moreover, there were fewer sales of high content mould systems which affected the mix of sales, there were some project delays to 2HY 2020 and a few mould system order cancellations.
With a 13.8% higher total operating profit of CHF 31.3 million for the first six months of 2020 (1HY 2019: CHF 27.5 million) Gurit achieved a total operating profit margin of 11.1% (11.2% for continued business) of net sales (1HY 2019: 9.7%). Net profit for the first half-year 2020 increased by 20.9% to CHF 22.0 million (1HY 2019: CHF 18.2 million). This equals earnings per listed bearer share of CHF 47.13 (1HY 2019: CHF 39.39), an increase of 19.6%.
Gurit expects to achieve Net Sales between CHF 550–600 million in 2020 and an Operating Profit Margin in the range of 9–11%.
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