Swiss firm Gurit posts 6.7% growth in net sales in FY22

February 02, 2023 - Switzerland

Switzerland’s Gurit, a company that specialises in advanced composites, has posted preliminary and unaudited net sales of Swiss franc (CHF) 499.5 million, up 6.7 per cent year-on-year (YoY), for fiscal 2022. The company’s net sales of continued operations were CHF 488.6 million, which is an increase of 17 per cent at constant exchange rates or 11.6 per cent in reported CHF versus FY21.

Adjusted for the acquisition of Fiberline and the divestment of the Aerospace business, sales in FY22 declined 8 per cent at constant exchange rates, the company said in a press release.

In 2022, Gurit’s net sales were impacted by a reduced demand of western wind customers, mainly driven by lower US market momentum, slow permitting and delayed wind park projects as well as western wind turbine manufacturers consolidating their activities and exiting certain regions. The Chinese domestic wind market saw strong growth in sales in 2022, with Gurit being among the top 3 suppliers for PET. Marine and industrial sales grew more than 20 per cent at constant exchange rates.

The company’s composite materials segment reported net sales of CHF 325.5 million for 2022. This increase of 52.9 per cent at constant rates compared to 2021 contains a contribution of CHF 102 million from structural profiles (Fiberline composites), where Gurit acquired a 60 per cent majority stake in May 2022. Wind sales have been influenced by a stronger wind market in China but a reduced demand from the rest of the world.

For the FY22, Gurit expects an operating profit margin of above 4 per cent. Excluding divestment effects, restructuring and impairment charges, the adjusted operating profit margin is expected to be above 2 per cent. This compares to an operating profit margin of 5 per cent and an adjusted operating profit margin of 7 per cent in FY21.