Swiss-based composite materials manufacturer Gurit has reported unaudited net sales of Swiss franc (CHF) 117.4 million (approximately $122.2 million) in the first quarter (Q1) of fiscal 2023 (FY23), representing a 26.6 per cent increase at constant exchange rates compared to the same period last year. Adjusted for the divestment of the aerospace business and the acquisition of Fiberline, net sales declined by 3 per cent year-on-year at constant exchange rates for the first quarter.

The composite materials division achieved net sales of CHF 79.5 million in Q1 FY23, a 36.2 per cent increase at constant exchange rates compared to the same period last year, which included a contribution of CHF 27.9 million from structural profiles (Fiberline Composites), following Gurit's acquisition of a 60 per cent majority stake in May 2022. Adjusted for the acquisition, sales declined by 11.5 per cent, due to an expected slow start into the year in wind materials, the company said in a press release.

Despite the slow start, Gurit's sales volumes and earnings showed a positive trend in the last month of the first quarter. The company's guidance for FY23 remains unchanged, with expected net sales of CHF 450-510 million and an operating profit margin of 2-5 per cent, excluding merger and acquisition effects, restructuring, and impairment charges.