Gurit saw its net sales increase by 0.5% at constant exchange rates compared to the previous year. Net sales of continued operations were CHF 459.9 million (+2.7% at constant exchange rates or -5.9% in reported CHF). Excluding acquisition effects, total Group sales grew by 2.6% at constant exchange rates.
Wind customers in 2023 have been cautiously investing again and winning new orders for future projects both onshore and offshore. Western OEMs have taken actions towards improving their financial performances, with several returning to profitability during the year.
Wind Materials achieved net sales of CHF 307.1 million for 2023. This represents an increase of 1.9% at constant exchange rates compared to 2022 and includes a contribution of CHF 99.4 million from Structural Profiles (Fiberline Composites). Market share gains for Western customers in core materials have been partly offset by lower volumes for Chinese customers, in an effort to improve margins. During the year, long-term agreements have been signed with major OEMs.
Manufacturing Solutions achieved a turnover of CHF 51.3 million, which represents a decrease of -0.3% at constant exchange rates compared to 2022. The year, particularly the first half, has seen Western customers releasing more investments in incremental blade manufacturing capacities. Selectivity was applied in the Chinese market to keep capacity for projects with higher added value. Innovative applications such as ship rotors emerged nicely.
For the calendar year 2023, Gurit reached an operating profit margin of 4.4%. Excluding divestment effects, restructuring, and impairment charges, the adjusted operating profit margin is 4.5%. This compares to an adjusted operating profit margin of 2.3% in the calendar year 2022. Net profit for the year 2023 amounted to CHF 4.0 million. This equals earnings per listed share of CHF 1.59 (2022: CHF 1.98).
Gurit pursues its strategy in the wind industry to increase market shares with Western customers, due to its global footprint, and to be more selective in China. In 2024, Western markets are foreseen to grow slowly. Still, the company expects steady sales growth with Western customers. This increase will be mostly offset, first by lower costs of input materials - like carbon fibres - transferred to customers, and second by a stricter margin approach in China. Altogether, this strategic change will have a very positive impact on profitability.
Considering the above, the company expects a back-end loaded 2024 with net sales between CHF 435 - 485 million and an adjusted operating profit margin of 5% - 8% (respectively CHF 460 million and 4.5% in 2023).
