Gurit has reported net sales of CHF499.5 mn for the full year 2022, up from CHF467.9 mn in 2021.

Net sales in the company’s Composite Materials business were CHF325.5 mn, an increase of 52.9% compared to CHF221.8 mn in the previous year.

However, Aerospace showed a decrease from CHF30.1 mn in 2021 to CHF 10.8 mn in 2022 and Kitting recorded net sales of CHF 148.6 million for 2022, a decrease of 14% compared to 2021 figures of CHF 185.5 mn.

“In 2022 Gurit 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 company said. “Wind sales have been influenced by a stronger Wind market in China but a reduced demand from the rest of the world. The Gurit Marine and Industrial sales have performed strongly with more than 20% growth. Western customers […] had almost no mold demand in 2022. In contrast, the mold business in the Chinese domestic market saw good sales, however with very competitive pricing. We expect the mold business with Western wind customers to recover markedly in 2023.”