Gurit's growth
Swiss composite materials manufacturer Gurit has reported Q2 sales growth of 30.3% after a slow start to 2010. The company achieved its operating EBIT target of 8-10% set in 2007, in spite of lower net sales.
FINANCIALS: Composite materials specialist Gurit increased its operational EBIT in H1 2010 by 33.7% to CHF 13.3m versus H1 2009. With a resulting margin of 8.5%, the company met its operational EBIT target of 8-10% despite 10.6% lower net sales of CHF 156.4m. The company says this decline reflects the slow start to 2010.
Q2 2010 net sales grew by 30.3% over the first quarter. For FY 2010, Gurit expects a stronger second half of 2010 and an EBIT margin of 8-10% for the full year before exceptional items.
Gurit expects market development to be stronger in the second half of 2010, though it notes considerable level of uncertainty remains especially in the wind energy market.
