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.
Gurit has reported a 26.6 per cent YoY growth in Q1 net sales, reaching CHF 117.4 million, attributed to its composite materials division’s performance, which achieved a 36.2 per cent YoY increase in net sales.
The company’s guidance for FY23 remains unchanged, with an expected net sales of CHF 450-510 million and an operating profit margin of 2-5 per cent.
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.
Fibre2Fashion News Desk (DP)
