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2016-11-15

Garo: Continued positive growth and an improved EBIT

· Net sales increased 9% to MSEK 148.2 (136.2)
· EBIT rose 9% to MSEK 22.3 (20.5)
· EBIT margin amounted to 15.0% (15.1)
· Net income was MSEK 17.6 (16.0)
· Earnings per share amounted to SEK 1.76 (1.60)

Stefan Jonsson, President and CEO:

GARO continues to perform well. The Group's net sales and EBIT
increased by 9% year-on-year during the third quarter, with a stable
EBIT margin of 15.0%. The sales trend in Sweden remained strong while
the growth in Other markets was, as expected, slower due to an
exceptionally high level of sales during the third quarter in 2015.

Net sales for GARO Sweden rose 14%, with solid increases in Electrical
distribution products and Project business where we generally are
growing faster than the underlying market for electrical distribution
products. The Swedish construction market remained strong and is
deemed to stay this way over the coming years as a result of the
backlog in demand for new apartments and single-family homes. The
development of charging infrastructure networks continues unabated in
Sweden. As a market-leading player we can capitalize on this and can
report a significant growth in the product area EV Charging.

Net sales for GARO Other Markets rose 1%, with solid increases in
construction-related products, particularly in Ireland and Norway.
However, there was a reduction in sales of charger products due to
the strength of the comparative period in Norway.

Finally, I would like to confirm that GARO has strengthened its
market-leading position in a growing market and we look forward to a
solid end to 2016.

Gnosjö, 15 November, 2016

For more information, please contact:

Stefan Jonsson, President and CEO: +46 70 588 66 73
Lars Kvarnsund, CFO: +46 070 516 59 98
Patrik Linzenbold, IR Director: +46 708 25 26 30

This information is such information that GARO aktiebolag is obligated
to publish in accordance with the EU Market Abuse Regulation and the
Swedish Securities Market Act. The information was published by the
abovementioned contact persons on November 15, 2016, at 7:30 a.m.

GARO develops, manufactures and supplies innovative products and
systems for the electrical installations industry under its own
brand. The company has operations in Sweden, Norway, Finland, Ireland
and Poland and the Group is organized in two business segments GARO
Sweden and GARO Other markets. GARO has a broad product assortment
and is a market leader within several product areas. The Group has
sales of about MSEK 600 and has approximately 260 employees. Its head
office is located in Gnosjö.

The business concept is "with simplicity and design, GARO provides the
smartest and most profitable solutions - fitted into systems."

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http://news.cision.com/garo/r/continued-positive-growth-and-an-improved-...
http://mb.cision.com/Main/13799/2122516/589789.pdf
http://mb.cision.com/Public/13799/2122516/9d3f827bf50729e9.pdf

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