Gurit has reported preliminary and unaudited net sales of CHF 352 million for the full year 2016, a decrease of 2.1% in reported Swiss francs compared to CHF 359 million in 2015. On a currency-adjusted basis, stable net sales of CHF 359 million were achieved for the full year 2016, representing an increase of 0.3% versus 2015. Gurit improved the operating profit margin by 14 percentage points to 10.5% of net sales in 2016 compared to 9.2% of net sales in 2015.

The company's Composite Materials Business achieved mixed results in its various market areas. In Wind, it suffered from an approximate 25% decline in demand from lower installation rates in the wind energy industry in China compared to a record year 2015. Equally, the European Marine leisure market saw project delays which could not be fully offset by the positive double digit growth in the aerospace business. In total, net sales in the Composite Materials Business decreased by 3.0% (currency-adjusted: -1.6%) year-on-year from CHF 274.0 million in 2015 to CHF 265.6 million in 2016, the company said.

Gurit's Composite Components Business as anticipated further declined by 34.3% (currency-adjusted: -27.9%) from CHF 26.4 million in 2015 to CHF 17.4 million in 2016. The decrease results from the orderly end of contracts over the course of 2015.

The company's Tooling Business, however, reported another record year. Net sales increased by 16.9% (currency-adjusted: 21.8%) to CHF 69.0 million in 2016 compared to net sales of CHF 59.0 million in 2015.

This story is reprinted from material from Gurit, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.