Gurit's financial results for the first quarter of 2014.
Gurit's financial results for the first quarter of 2014.

Gurit (SIX Swiss Exchange: GUR), headquartered in Switzerland, specialises in the manufacture of advanced composite materials, related technologies and select finished parts and components. 

Composite Materials

Gurit's Composite Materials business recorded Q1 2014 sales of CHF61.2 million, up 15.7% on Q1 2013 and up 4.6% on Q4 2013.

The company says sales to the US wind energy market continued at a good level, thanks to the effect of the US production tax credit subsidies.

Gurit has also won several significant projects with European boat builders.

Gurit Composite Systems and Engineering

The Composite Systems and Engineering business, comprising Gurit's components and engineering activities, reports sales of CHF17.6 million in Q1 2014, up by 123% over Q1 2013 and 4.1% up on  Q4 2013.

Gurit notes that its Tooling business maintained the high sales level achieved in Q4 2013, benefitting from strong shipments to South America and Europe as well as to the Chinese market.

The Automotive business grew 45% compared with Q1 2013, keeping up the pace of the last quarter of 2013, and sales of Engineered Structures continued its double-digit growth, driven by the bus component business. In November 2013, Gurit announced the start-up of a manufacturing company in Hungary to build components for the bus and automotive market.