September 21, 2010 | by Gurit Holding AG
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September 21, 2010, Gurit increased its operational EBIT in H1 2010 by 33.7% to CHF 13.3 million versus H1 2009. With a result-ing margin of 8.5%, Gurit has met its operational EBIT target of 8 10% de-spite 10.6% lower net sales of CHF 156.4 million. This decline reflects the slow start into 2010. Q2 2010 net sales grew by 30.3% over Q1 2010. Includ-ing the extraordinary result of CHF 7.4 million (mainly the settlement of a legal dispute with a competitor) Group EBIT reached CHF 21.9 million or 14.0% of net sales while the net result was CHF 16.2 million for H1 2010. For FY 2010, Gurit expects a stronger second half of 2010 and an EBIT margin of 8-10% for the full year before exceptional items.
Wind Energy closed H1 2010 with 36.5% lower sales of CHF 74.2 million com-pared with H1 2009. Q1 2010 sales were affected by the decision of large cus-tomers to reduce their stocks of finished turbine blades. One customer halted production for several weeks. A volatile sales environment was coupled with price pressure on customers in all world areas while, at the same time, composite raw material prices surged. Sales gained momentum in Q2 2010. Gurit’s main objec-tives in the continuously attractive Wind Energy market remain to strengthen its full-line material offering in order to benefit from the growth areas in Asia and the Americas and to systematically widen the global customer base.
Tooling developed well with sales of CHF 27.8 million in H1 2010. As an inde-pendent, fully integrated mould manufacturer, Gurit holds the leading position in this market. The strategy in Tooling is to maintain the leader position in China and to develop the export of wind turbine blade moulds to global customers.
Transportation sales decreased by 14.8% to CHF 26.6 million during the first half of 2010 as Gurit decided to stop the production of carbon fiber lamella products used in civil engineering for commercial reasons. Other reasons included the decision of Aerospace customers to postpone certain projects to later this year and, the fact that the business with Airbus got off to a somewhat slower than ex-pected start. However, Gurit is confident that this generally very stable business will develop well during the second half of the year.
Marine achieved 22.1% higher sales of CHF 27.4 million. Around CHF 5 million of this increase is attributable to the integration of High Modulus. The high-end ma-rine market is gradually recovering and the B3 SmartPac offering, targeting the production boat builders, has been introduced to the North American market.
Outlook: Gurit anticipates the market development to be somewhat stronger in H2 2010. A considerable level of uncertainty remains especially in Wind Energy market. From a current perspective Gurit expects an EBIT margin of 8 to 10% for the full year 2010 before exceptional items.
Key financial figures H1 2010
Contact
Bernhard Schweizer, Group Communications/Investor Rela-tions, Tel. +41 44 316 1555; Mobile: +41 79 373 2178 bernhard.schweizer@gurit.com
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Conclusion of this article: « Gurit reports growth in Q2 after a slow start into 2010 »
Source: Gurit Holding AG, Press release