Gurit Reports Strong Net Sales Growth of 18% for 2018
Zurich, January 31, 2019–Gurit (SIX Swiss Exchange: GUR) today reported preliminary and unaudited net sales of CHF 425.3 million for the full year 2018 (FY 2017: CHF 360.5 million). This represents an increase of 18% in reported Swiss francs and 15.7% growth on a currency adjusted basis. The organic growth has been 6.6% on a currency adjusted basis and for continued operations (excluding Composite Components) sales growth has been 18.5%.
Gurit`s Composite Materials Business achieved solid results in its various market areas. Wind material demand grew by 3.1% in 2018 over 2017 in reported Swiss Francs and could raise its sales in the second half of 2018 by 13% versus the first half. Demand in Europe and especially North America was good, while in China and India wind industry demand was soft. The Marine superyacht and leisure markets witnessed healthy growth. The same applies to Industrial markets, mainly supported by good demand in North America and Europe. In total, net sales in the Composite Materials Business increased by 6.1% (currency-adjusted: 4.1%) year-on-year from CHF 198.9 million in 2017 to CHF 211.1 million in 2018.
The newly acquired JSB business unit, now Gurit Kitting, contributed CHF 28.9 million to the 2018 net sales for a period of 2.5 months since the acquisition in mid-October 2018. This contribution represents the major share of the acquisition effect for the Gurit net sales growth reported.
Gurit`s Tooling Business reported yet another excellent year. Winning a new major global customer and solid sales in the existing customer base created this sales momentum. Net sales increased by 29.1% (currency-adjusted: 27.0%) to CHF 118.5 million in 2018 compared to net sales of CHF 91.8 million in 2017.
Gurit’s Aerospace Business reported net sales of CHF 49.9 million, this represents an increase of 5% (currency adjusted 2.6%). Slower build rates of a major European OEM recovered in the second half-year and have been supported by increasing demand from an American OEM.
Gurit`s Composite Components Business reported net sales of CHF 16.9million in 2018 compared to net sales of CHF 22.3 million in 2017. This represents a sharp decrease of 24% in reported Swiss francs (-26.5% on a currency-adjusted basis). The abrupt demand decline in Gurit’s biggest car part volume program in the first six months and the slow start-up’s of several new programs in the second half year of 2018 caused this sales reduction versus 2017. As communicated on December 19, 2018, Gurit has decided to re-structure and divest its Composite Components Business.
Sales by quarter
Change in reported CHF
Change @ ytd 2018 transl.
Other Material Markets
Total Group, excl. acquisition effects
Online publication of Annual Report 2018, Media/Analyst conference and international Webcast on Thursday, February 28, 2019
Gurit will report its 2018 full-year results on February 28, 2019, by issuing a press release at 07.00 a.m. CETand publishing its Annual Report 2018 online at http://www.gurit.com/Investors/Reports. Management will also discuss the results in further detail at a joint media and analyst conference in Zurich on February 28, 2019, at 09:00 a.m. CET. The conference will take place at the Zurich Marriott Hotel, Neumuehlequai 42, CH-8006 Zurich.
The presentations will be held in English and will also be accessible as webcast athttp://www.gurit.com/Investors/Webcastswhere an archived version will later be available for download. Please sign up for the live event by returning the enclosed registration form.
The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, core material wind turbine blade kits, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Denmark, Germany, Hungary, Italy, Poland, Spain, the U.K., Turkey, Canada, the U.S.A., Ecuador, New Zealand, India and China.
For more information, please visit www.gurit.com
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To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement