Gurit has reported preliminary and unaudited net sales of CHF 360.5 million for the full year 2017 (FY 2016: CHF 352 million). This represents an increase of 2.4%. Gurit`s Composite Materials Business achieved mixed results in its various market areas. In wind, it suffered from a demand halt in the Indian wind energy industry as of spring 2017, attributable to the time delays caused by the newly introduced auction system, as well as a lower demand in the wind energy industry in China compared to the prior year.
In total, net sales in the Composite Materials Business decreased by 7.2% year-on-year from CHF 265.6 million in 2016 to CHF 246.4 million in 2017 as a direct consequence of the market conditions in India, Middle East and China. Gurit`s Composite Components Business reported net sales of CHF 22.3 million in 2017 compared to net sales of CHF 17.4 million in 2016. This represents an increase of 28.3%. Gurit`s Tooling Business was able to report yet another record year. Net sales increased by 33.1% to CHF 91.8 million in 2017 compared to net sales of CHF 69.0 million in 2016. Operating profit margin for fiscal year 2017 is expected to come in at the upper end of the guided range of 8 to 10 per cent of net sales, including the recently announced restructuring cost related to the transfer of prepreg production from UK to Spain.