Gurit reports net sales of CHF 434.8 million for the first nine months of 2020. Net sales of continued business increased by 13.0% in the third quarter and 10.2% in the first nine months at constant exchange rates. Despite challenges posed by the COVID-19 pandemic the Group benefits from its strong positioning in the global wind energy market.
Composite Materials reports net sales of CHF 207.8 million for the first nine months of 2020. This is an increase of 12.1% or 18.1% at constant rates over the same period in 2019. Wind energy market demand continues to be strong across all product groups. Marine and Industrial markets see weaker sales due to lower yacht building activity following the COVID-19 impact.
Net sales of the Business Unit Kitting amount to CHF 174.6 million, compared to CHF 127.1 million in the previous year period. This is an increase of 37.3% in reported Swiss francs and 46.0% at constant exchange rates. Supported by the positive demand momentum of the wind market and partially high converted material prices, the Kitting business is growing strongly.
The Business Unit Tooling reports net sales of CHF 67.0 million, which represents a decrease of 25.8% (at constant exchange rates -20.9%). This was caused by a shift in the product mix as well as pandemic-related travel restrictions that slow down new installations and continue to cause delays and a few cancellations of customer projects.
For 2020 Gurit expects to achieve between CHF 550–600 million in net sales and an Operating Profit Margin in the range of 9–11%.