Gurit Reports Net Sales of CHF 213.5 Million in H1 2024

Zurich, August 19, 2024 – Gurit (SIX Swiss Exchange: GURN) announced unaudited net sales of CHF 213.5 million for the first half of 2024. This represents a decrease of 8.8% at constant exchange rates compared to the same period in 2023. The adjusted operating profit was CHF 11.6 million, with a profit margin of 5.4%.

The wind market showed mixed results, with flat activity in the Western world and steady installations in China. Other segments, such as marine and industrial markets, resumed growth after initial weakness. Gurit adapted to market demands by focusing on profitable opportunities and expanding technical capabilities, especially at the Canadian Corecell™ site and newly acquired FX Composites in the USA.

Wind materials sales reached CHF 141.0 million, a 7.6% decline. Manufacturing solutions saw a significant drop to CHF 21.0 million, down 27.0%. The marine and industrial sectors reported net sales of CHF 51.5 million, a minor decrease.

Gurit closed its Structural Profile production site in Denmark, shifting volumes to India and China, expecting total restructuring and relocation expenses of CHF 10 million. The net debt reduced to CHF 63 million by June 2024, down from CHF 78.0 million in H1 2023.

The company expects full-year sales to be at the lower end of CHF 435-485 million, maintaining a 5-8% adjusted operating profit margin. Earnings per share for H1 2024 were CHF -0.02, compared to CHF 1.54 in H1 2023.