Gurit reports preliminary and unaudited net sales of CHF 431.7 million for the full year 2024, a decline of 2.9% at constant exchange rates and 6.1% in reported CHF compared to the previous year. The decrease was primarily driven by lower wind materials sales, while the marine and industrial segments continued to grow.
Wind Materials recorded net sales of CHF 285.6 million in 2024, down 3.4% at constant exchange rates from 2023. After a slow start to the year, demand strengthened. Volumes for Western blade manufacturers stabilised from Q2 2024, though some faced quality issues and inventory adjustments. Meanwhile, volumes for domestic Chinese customers fell significantly as margins were prioritised.
Manufacturing Solutions generated turnover of CHF 45.3 million, a decrease of 8.7% at constant exchange rates. The business faced a challenging year due to lower demand from wind energy customers, particularly in H1, and a slowdown in platform introductions in Western markets. Selective engagement in China also contributed to the decline. However, advanced technical capabilities in Chennai (India) helped secure new business, strengthen relationships with domestic Indian wind customers, and expand expertise in the region. Encouragingly, Q4 saw a strong recovery, with rising demand for moulds, equipment, and solutions for large structural components, positioning the unit for improved performance in 2025.
For 2024, Gurit expects an adjusted operating profit margin at the upper end of the 6.0% to 7.0% range, up from 4.5% in 2023.
As announced at the end of Q3, Gurit has undertaken a strategic realignment to strengthen its market position and improve the sustainability of its wind business. To optimise capacity and costs, the company will close its PET production plant in Volpiano, Italy, during H1 2025, subject to consultation with social partners. Additionally, Gurit will divest its PET preparation plant in Carmignano di Brenta, Italy, following the development of a global recycled PET sourcing strategy. The transaction is expected to be completed by the end of Q1 2025, subject to customary closing conditions.
