Sales in its Wind Energy business were CHF74.2 million for the first half (H1) of 2010, 36.5% lower than in H1 2009. Gurit says first quarter (Q1) 2010 sales were affected by the decision of large customers to reduce their stocks of finished turbine blades. A volatile sales environment was coupled with price pressure on customers around the world areas, and composite raw material prices surged. Sales gained momentum in Q2 2010.

The company's Tooling business developed well with sales of CHF27.8 million in H1 2010. Gurit's strategy in Tooling is to maintain a leading position in China and to develop the export of wind turbine blade moulds to global customers.

Sales in the Transportation business in H1 2010 were down 14.8% on H1 2009 as Gurit decided to stop the production of carbon fibre lamella products used in civil engineering. In addition, aerospace customers postponed certain projects and the company's business with Airbus got off to a slower than expected start.

Gurit's Marine business for H1 2010 achieved 22.1% higher sales than in H1 2009. Around CHF5 million of this increase is attributable to the integration of High Modulus.

Gurit anticipates the market development to be somewhat stronger in H2 2010. It currently expects an EBIT margin of 8-10% for the full year 2010 before exceptional items.

Gurit key financial figures first 6 months (H1) 2010
Net sales in CHF thousand H1 2009 H1 2010 % change % change at const. June 2010 rates
Wind energy 116.770 74.193 -36.5 -35.8
Tooling -- 27.781 -- --
Transportation 31.238 26.600 -14.8 -12.7
Marine 22.415 27.371 22.1 15.1
Target market sales 170.423 155.945 -8.5 -8.2
Total group sales 175.002 156.425 -10.6 -10.3
Group EBIT 28.706 21.923 -23.6  
Profit for the period 18.661 16.221 -13.1  

The companies of Gurit Holding AG, Wattwil, Switzerland, specialise in the development and manufacture of advanced composite materials and related technologies, including prepregs, structural core materials, gel-coats, adhesives, resins as well as certain finished parts. It key markets are wind energy, transportation and marine.