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First significant orders with European boatbuilders for Gurit

Gurit reached an operating profit of CHF 20.3 million and an operating profit margin of 4.4% in 2023.

The organisation achieved an operating cash flow of CHF 37.7 million compared to CHF 16.2 million in 2022. Capital expenditures amounted to CHF 11.3 million in 2023 compared to CHF 15.2 million in the previous year.

And net sales increased by 0.5% at constant exchange rates versus prior year.

The organisation’s marine and industrial business had another good year and continued with profitable growth. And the first significant orders were achieved with major European boatbuilders.

The marine and industrial segments saw net sales of CHF 101.6 million for 2023, an increase of 7.1% at constant exchange rates compared to 2022.

New capabilities

The Business Unit Marine and Industrial added new capabilities to its operations leading to an improved product portfolio.

During the year, Gurit added automated tape laying products for prepreg, improved its tolling capabilities for formulated products and its ability to customise product dimensions and tolerances in the PET product range.

Gurit’s recycled PET foam gained shares in existing markets and grew in recognition as a material option in new applications.

Traditional products like Prepreg and Corecell maintained a strong position in the market as well as generating new sales in developing areas like subsea.

Gurit also developed and built its first rotor sails for shipping enabling vessels to save up to 20% of fuel. In 2024, Gurit expects medium to large marine projects to maintain their position, while smaller projects are expected to soften slightly.

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