Switzerland based Gurit, a company that specialises in advanced composites, has reported a 52.9 per cent increase (at constant rates) to Swiss franc (CHF) 325.5 million in the sales of its composite materials segment in fiscal 2022 (FY22). The company’s net sales were CHF 499.5 million, an increase of 6.7 per cent year-on-year (YoY), for FY22.

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 prior year. Adjusted for the acquisition of Fiberline and the divestment of the aerospace business, sales declined 8 per cent at constant exchange rates.

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 in FY22.

For FY, Gurit reached an operating profit margin of above 4.5 per cent. Excluding divestment effects, restructuring, and impairment charges, the adjusted operating profit margin was 2.3 per cent. This compares to an operating profit margin of 5 per cent and an adjusted operating profit margin of 7 per cent in the calendar year 2021.

For FY23, the company expects net sales to be between CHF 450 million and CHF 510 million, while the operating profit margin is expected to be in the range of 2-5 per cent.