Strong growth and improved adjusted EBIT
- Net sales increased 26% to MSEK 149.6 (118.9).
- Adjusted* EBIT rose 32% to MSEK 15.3 (11.6).
- Adjusted* EBIT margin amounted to 10.2% (9.8).
- Adjusted* net income was MSEK 12.1 (9.1).
- Adjusted* earnings per share amounted to MSEK 1.21 (0.91).
*) Adjusted for items affecting comparability of MSEK -12.6 in EBIT and MSEK -9.8 in net income related to the IPO.
Stefan Jonsson, President and CEO:
We achieved a significant increase in sales in the quarter, driven by strong growth in Sweden and Other markets. EBIT and the EBIT margin, adjusted for non-recurring IPO-related items, improved due to volume growth combined with a stable level of expenses.
Net sales for GARO Sweden rose 17%, with solid increases in all product segments, and net sales rose 43% in GARO Other markets. It is pleasing to see that also new products and product areas are really taking off. Especially pleasing is to see that the product area EV charging is growing strongly. The Solar Energy area – for which we delivered our largest ever order in Sweden during the quarter – is also worth mentioning.
In general, GARO sees a continued healthy demand scenario in both of the Group’s market segments and in the four product areas. External factors, such as changes in the economic climate, currency concerns and political decisions could impact future sales and profitability. Overall, we have a positive outlook on the company’s performance in 2016.
Gnosjö, May 26, 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
The information in this press release of the type that GARO is obligated to disclose in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was published on May 26, 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 had sales in 2015 of MSEK 554 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.”