Gurit has reported net sales of CHF 360.5 million for the full year 2017. Gurit`s composite materials business achieved mixed results in its various market areas. In wind, it suffered from the demand halt in the Indian wind energy industry as of spring 2017 and a lower demand in the wind energy industry in China compared to the prior year. Net sales to the wind market decreased by 13.9% to CHF 128.2 million in 2017.
Material supply to other material markets slightly increased by 1.3% mainly due to higher material sales to the marine and industrial sectors. In total, the composite materials business achieved full-year sales of CHF 246.4 million in 2017. This represents a decrease of 7.2% compared to full-year sales of CHF 265.6 million in 2016.
Gurit`s tooling business took benefit from the ongoing demand for moulds for longer wind blades as well as the winning of two more global key customers. Net sales thus increased by 33.1% to CHF 91.8 million in 2017 compared to net sales of CHF 69.0 million in 2016.
Gurit was able to achieve an operating profit margin of 10% of net sales in 2017, including the announced restructuring cost related to the transfer of prepreg production from UK to Spain (2016: 10.5% of net sales). The Group operating profit amounted to CHF 35.9 million in 2017. Gurit achieved a net profit of CHF 24.9 million in fiscal year 2017 (2016: CHF 26.0 million). Gurit currently expects to achieve low single-digit revenue growth and profitability at the upper level of the Company`s target operating profit margin range of 8-10% for the fiscal year 2018.