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2016-08-26

Garo: Continued strong growth and improved EBIT margin

· Net sales increased 21% to MSEK 159.1 (131.6).
· EBIT rose 33% to MSEK 18.5 (13.9).
· EBIT margin amounted to 11.6% (10.6).
· Net income was MSEK 15.4 (9.7).
· Earnings per share amounted to MSEK 1.54 (0.97).

Stefan Jonsson, President and CEO:
GARO performed strongly in many respects. The Group's net sales
increased 21% in the second quarter with sustained strong growth in
Sweden and Other markets. The EBIT margin improved, thus contributing
to a 33% increase in EBIT, and was mainly the result of volume growth
combined with stable expenses, generating economies of scale.

Net sales for GARO Sweden rose 17%, with significant increases in all
product areas. The construction market remained strong with backlog
demand for new apartments and single family homes. With GARO's broad
product range, this trend benefits our product areas of Electrical
distribution products, Project business and Temporary electric
installations. It is also gratifying to see that EV charging
continues to grow strongly.

Net sales for GARO Other markets rose 28%, with a strong increase
primarily in EV charging in Norway, where we consolidated our leading
position. Temporary electric installations also reported a
satisfactory trend and it was gratifying that this product area
performed so well in Finland. In Ireland, Electrical distribution
products continued to follow the strong performance of the
construction market.

Gnosjö, 26 August, 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 August 26, 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-strong-growth-and-improved-ebit-...
http://mb.cision.com/Main/13799/2065720/553819.pdf
http://mb.cision.com/Public/13799/2065720/9d52969fca4a1bc2.pdf

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