Gurit reports 2009 results

Composites materials specialist Gurit reports unaudited full-year 2009 sales of CHF307.3 million for its target markets of wind energy, transportation and marine. This represents a fall of 22.1% at constant year-to-date December 2009 currency translation rates, or 27.8% in reported Swiss francs (CHF).

Compared with the third quarter, Gurit reports that the target market sales for the 2009 fourth quarter (Q4) were flat and levelled out on a low level as the result of a continued weak market, mainly in the wind energy and marine sectors in Europe and the USA.

Sales resulting from recently acquired High Modulus are consolidated into Gurit's Marine segment, starting December 2009. The recent acquisition of Chinese company Suzhou Red Maple, a manufacturer of wind turbine blade moulds, will be consolidated as of 1 January 2010 and will be reported as a separate target market.

Total Gurit Group sales for 2009, comprising all consolidated activities, were down 31.1% to CHF314.4 million in reported Swiss Francs. Figures for 2008 had still included some CHF21 million sales from the winter sport activities exited during the first eight months of that year and are thus not directly comparable.

Based on these sales and the achieved operational improvements Gurit confirms that it achieved a 5% operational EBIT (earnings before interest and taxes) margin for 2009. Including one-time effects, the Group EBIT margin will be double-digit.

Gurit Holding AG (SIX Swiss Exchange: GUR) , headquartered in Wattwil, Switzerland, specialises in advanced composite materials and related technologies, including prepregs, structural foam, gel coats, adhesives, resins and consumables as well as certain finished parts.