Gurit reports net sales of CHF 175.2 million for the first six months of 2017. This represents a decrease of 3.9% in reported Swiss francs over the previous year. Operating profit amounted to CHF 21 million and the operating profit margin reached 12% of net sales for the first half-year 2017.
Gurit made good progress in strategy implementation. The acquisition of PH Windsolutions, the foundation of a balsa wood joint-venture in Indonesia and the integration of the acquired PET business into the company`s Composite Materials business represent the key achievements in the first half-year 2017. The business unit Composite Materials achieved net sales of CHF 129.7 million in the first half of 2017 (1HY 2016: CHF 136.0 million). This represents a decrease of -4.6% in reported Swiss francs. Sales to the wind energy market dropped by -5.9% to CHF 69.1 million in the first six months of 2017 (1HY 2016: CHF 73.5 million). The decline mainly results from a weaker than expected demand situation in India which could not be fully compensated by the amount of newly installed capacity in other global wind energy regions.
In Tooling, sales of wind turbine blade moulds and related equipment in the first six months of 2017 came in well and above the company`s estimate at the beginning of the year. Demand from both Chinese and international customers was positive, also with regard to moulds for offshore wind installations. Revenues decreased by 3.3% to CHF 35.6 million (1HY 2016: CHF 36.8 million). Net profit for the first half-year 2017 amounted to CHF 15.3 million (1HY 2016: CHF 14.1 million). This represents an increase by 8.6%.
Overall, Management confirms to reach a low single-digit revenue growth for the full year 2017 under the assumption that the Indian wind energy market will return to growth in the fourth quarter of the year. The wind energy industries in Europe and the Americas are anticipated to see a fair amount of newly installed capacity in the second half of 2017. Operating profit margin is expected to reach the upper end of the guided range of 8 to 10 percent of net sales.