Gurit’s Composite Materials Business Unit achieved net sales of CHF 102.8 million in the first half-year 2018 (1HY 2017: CHF 104.2 million). This represents a decrease of -1.3%. Sales to the wind energy industry declined by ‑10.2% to CHF 62.1 million in the first six months of 2018 (1HY 2017: CHF 69.1 million). The decline mainly results from the ongoing weak wind material demand in the wind energy markets in India and China which could not be fully compensated by the demand in Europe and good growth in North America. Material supply to other material markets (excluding aerospace) increased by +16.1% to CHF 40.7 million in the first half-year 2018 (1HY 2017: CHF 35.0 million).

 

In Gurit`s Tooling Business Unit, sales of wind turbine blade moulds and related equipment reached a new record level. Net sales increased by +68.9% to CHF 60.2 million compared to CHF 35.6 million in the first half-year 2017.

 

The operating profit result took benefit from the Tooling growth but at the same time was impacted by the Automotive Components results, the demand stagnation in wind materials paired with sales price decreases and delayed cost recovery from raw material price increases. Additionally, one-off costs related to the transfer of the UK prepreg business to Spain continued in the first half-year 2018 while benefits from lower fixed cost are to be captured from the second semester 2018 onwards.

 

In summary, operating profit came in at the lower end of the Company`s target range. Gurit reported an operating profit of CHF 16.0 million for the first six months of 2018 (1HY 2017: CHF 21.2 million). The operating profit margin amounted to 8.2% of net sales (1HY 2017: 12.1%). Net profit for the first half-year 2018 decreased to CHF 11.2 million (1HY 2017: CHF 15.3 million).