The Algol Group Sustainability Report 2023 has been published. In the report, we present a summary of the actions and results of 2023, as well as our short-term sustainability goals. The Group is reporting on its sustainability for the second time, and the report focuses on companies wholly owned by Algol.

“Compiling the Sustainability Report also helps us to view our operations from partly new perspectives, which in turn helps us to develop. Sustainable operations are often also more efficient, stable and safe. At the same time, sustainability creates opportunities and points the way towards future growth”, says Alexander Bargum, CEO of the Algol Group.

Algol’s sustainability highlights in 2023 :

– Information security attendance rate among employees: 96.5% (2022: 45.8%)
– Double materiality analysis conducted in Algol Chemicals highlighting climate and safety themes
– Supplier Code of Business Conduct signature rate: 77.6% (2022: 72.1%)
– Review and target setting discussions: 94.2% (2022: 92.9%)
– Recycled waste: 55.97% (2022: 49.52)
– Safety observations: 2262 (target: 1460)

Read our Sustainability Report

Further information:

Tor Edgren, Sustainability Manager, +358 50 525 7625, tor.edgren@algol.fi
Tuulikki Suihkonen, Communications Manager, +358 50 346 7248, tuulikki.suihkonen@algol.fi

Algol in brief

Algol is a family-owned business and multi-branch group with more than 130 years of experience in international trade. Our subsidiaries import, market and manufacture products for industry and the healthcare sector. In addition, Algol Group companies offer services related to their business areas, such as design services, tailored delivery solutions, and installation, maintenance and training services. We are building a successful and sustainable future for our partners. Algol employs nearly 500 experts in ten different countries.

The Algol Group’s business continued to develop favourably in 2023. Although consolidated net sales decreased to EUR 208 million, mainly due to declining raw material prices, the operating profit increased to EUR 12.3 million and all Group companies surpassed their budgeted target. Overall, demand continued to be normal, but the economic outlook weakened somewhat towards the end of the year.

Outlook for the current year continues to be stable

The current year still looks stable for Algol. The slowdown in industrial investments will impact sales in some segments, and the economic outlook is weaker than usual. However, Algol Group companies operate in many different sectors and regions, which provides stability also in times of uncertainty. According to our forecast, the result at the Group level will weaken in 2024 compared to the previous two years, but the growth trend will nevertheless remain quite satisfactory. We continue to aim for moderate growth, continuous improvement in our results and strengthening our balance sheet.

More information
Alexander Bargum, CEO, Algol Group, tel. +358 40 732 3232.

Algol in brief
Algol is a family-owned business and multi-branch group with more than 130 years of experience in international trade. Our subsidiaries import, market and manufacture products for industry and the healthcare sector. In addition, Algol Group companies offer services related to their business areas, such as design services, tailored delivery solutions, and installation, maintenance and training services. We are building a successful and sustainable future for our partners. Algol employs nearly 500 experts in ten different countries. www.algol.fi/en

CellPath’s new System II+ 2 Well and 4 Well Cassettes incorporate multiple wells into the cassette allowing multiple biopsies to be processed simultaneously, significantly reducing user workload. It also negates the need to use tissue wrap or biopsy bags, making it easier to handle biopsies and reducing the risk of potential core fragmentation. Each well within the cassette is numbered to aid identification of the specific biopsy.

The System II+ 2 Well and 4 Well cassettes  have been validated for use with the Leica IPC, Sakura AutoWrite, Sakura SmartWrite and Primera Signature printers. Choose from a wide range of colors that not only enhance contrast for text and barcodes but also improve scannability and read rates. All versions are supplied loose, threaded or hoppered giving customers a wide choice of options depending on their requirements. Contact us for more information on pricing, models, and availability.

More information & orders

Jukka Puomio, jukka.puomio@algol.fi, tel. +358 50 566 4939

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As in previous years, the Algol Group is donating to Finnish and global causes this Christmas instead of sending out cards and gifts.

This year, donations are being made to the following causes:

• John Nurminen Foundation, Clean Baltic Sea Project
• Finnish Lifeboat Institution
• Finnish Red Cross Disaster Relief Fund
• UNICEF
• Folkhälsan, Lucia Collection
• Finnish War Veterans
• Crisis Management Initiative CMI

According to Algol Group CEO Alexander Bargum, a suitable balance between Finnish and international causes, has been sought. In addition to the multi-year donation recipients, this year, a new beneficiary of the donation is UNICEF. Furthermore, the amount donated to the Crisis Management Initiative (CMI) has been increased this year in honor of CMI’s founder and former president Martti Ahtisaari.

This year, Algol has also donated 10,000 euros to the Finnish Red Cross Hunger Day collection and 30,000 euros to humanitarian relief in Ukraine. Half of the amount was donated to UNICEF’s Ukraine Fund and half to the Disaster Relief Fund of the Finnish Red Cross.

More information

Alexander Bargum, CEO, Algol Group, tel. +358 40 732 3232.

Algol in brief

Algol is a Finnish multi-branch company specialising in international trade. We have been operating responsibly with an international network of partners for more than 129 years. Our solutions improve the quality of industrial production and ensure smooth operations. In the healthcare sector Algol’s solutions promote the conditions for healthy living.

The Algol Group had net sales of 233 million euros in 2022. We employ almost 500 professionals in ten countries.

We are participating in the fall meeting organized by the Finnish division of the International Academy of Pathology (IAP) in Tampere on November 9-10, 2023.

The topic of the meeting is dermatopathology.

See you at Tampere-talo.

Read More

iap.yhdistysavain.fi
www.iapcentral.org

Algol Group’s Sustainability Report for 2022 has been published. The Group is now reporting on its sustainability for the first time, and the report covers the companies wholly owned by the Group. The Sustainability Report has been compiled with reference to the GRI Standards (Global Reporting Initiative).

Sustainability work has been done at the Group level in Algol for a long time. During recent years, sustainability has been an even stronger part of the strategies and day-to-day operations of the Group’s subsidiaries as well. Short-term sustainability targets have been defined for all companies within the Algol Group for 2022-2024. The Algol Group is also committed to promoting the UN Sustainable Development Goals in its operations.

“I am very happy that the Algol Group’s first comprehensive Sustainability Report has been compiled. Overall, the report provides an excellent picture of the kind of company that Algol is and the kind of company that we want to be. Compiling the Sustainability Report also helps us to view our operations from partly new perspectives, which in turn helps us to develop”, says Alexander Bargum, CEO of the Algol Group.

Read the report: Algol Group’s Sustainability Report for 2022.

More information

Tor Edgren, Group Sustainability Manager, Algol Oy, tel. +358 50 525 7625
Nina Hedberg, Communications Manager, Algol Oy, tel. +358 50 533 5426

Algol in brief

Algol is a Finnish family-owned business and a multi-branch company. We work together with a global network of partners responsibly and with almost 130 years of experience. Our solutions improve the quality of industrial production and ensure smooth operations. In the healthcare sector Algol’s solutions promote the conditions for healthy living.

The Algol Group had net sales of 233 million euros in 2022. We employ almost 500 professionals in ten countries. Algol Diagnostics belongs to Algol Group.

The Algol Group’s business continued to develop favourably in 2022. Consolidated net sales increased by 29 percent to EUR 233 million, while operating profit improved to EUR 11.7 million. Nearly all Group companies improved their results compared to 2021 and also surpassed their budgeted target.

The growth and improvement in earnings were due to strong demand and especially higher raw material prices. The discontinuation of business operations in Russia, however, had a somewhat negative impact on earnings.

Outlook for the current year stable for the time being

The trend for the current year is difficult to predict. The economic outlook in general is uncertain. For Algol, however, the situation appears stable. Algol Group companies operate in many different sectors and regions, which provides stability also in times of uncertainty.

The key figures for the current year are estimated to remain at a slightly lower level than the previous year. According to our assessment, however, the performance corresponds to our longer-term targets and expectations regarding moderate growth, continuous improvement in our results and strengthening our balance sheet.

More information

Alexander Bargum, CEO, Algol Group, tel. +358 40 732 3232.

Algol in brief

Algol is a Finnish family-owned business and a multi-branch company. We work together with a global network of partners responsibly and with almost 130 years of experience. Our solutions improve the quality of industrial production and ensure smooth operations. In the healthcare sector Algol’s solutions promote the conditions for healthy living.

The Algol Group had net sales of 233 million euros in 2022. We employ almost 500 professionals in ten countries. Algol Diagnostics belongs to Algol Group.

The Algol Group is donating a total of 30,000 euros to UNICEF and the Red Cross to support victims of the war in Ukraine. A donation of 15,000 euros is being made to each organisation.

Algol also supported humanitarian relief in Ukraine last year by donating to UNICEF’s Ukraine Fund and the Disaster Relief Fund of the Finnish Red Cross. With this year’s donation, Algol wants to demonstrate its continued support for the government and people of Ukraine on the anniversary of the Russian invasion.

“Defending Ukraine through international efforts is crucial for the future security and stability of Europe as a whole. The civilian population also needs help and protection to ensure that the nation remains strong in its fight. No foreign aid can remove the suffering caused by an unjust war and war crimes, but we want to do our part to alleviate their most acute needs,” says Alexander Bargum, CEO of the Algol Group.

More information

Alexander Bargum, CEO, Algol Group, tel. +358 40 732 3232.

Algol in brief

Algol is a Finnish multi-branch company. We have been operating responsibly with an international network of partners for nearly 130 years. Our solutions improve the quality of industrial production and ensure smooth operations. In the healthcare sector Algol’s solutions promote the conditions for healthy living. Algol Diagnostics is a part of Algol Group.

Algol has donated 25,000 euros to Arcada University of Applied Sciences. The donated funds will be used for the procurement of digital solutions and to create innovative learning and research environments. Algol’s donations will enable the completion of a new learning environment, the Arcada Health Tech Hub, in spring 2023.

Arcada’s rector Mona Forsskåhl says that external funding is crucial to make the learning environments a reality.

“Government funding for higher education has decreased significantly in recent years, leaving no room for quality-enhancing investments. With combined efforts, we can ensure a vibrant bilingualism and diversity within both the public sector and business life” Forsskåhl says.

“Arcada offers high quality education in areas of high importance to the Algol Group and its customers in a wide range of industries. We are very pleased to be able to contribute to the completion of one of the new learning environments,” says Algol’s CEO Alexander Bargum.

Arcada Health Tech Hub is also supported by Sparbanksstiftelsen Esbo-Grankulla, Hélène och Walter Grönqvists Stiftelse, Helsingestiftelsen, Lisi Wahls stiftelse för studieunderstöd, Otto A. Malms donationsfond and Stiftelsen Tre Smeder.

Read more from Arcada’s news release in English or in Swedish.

Algol Diagnostics belongs to Algol Group.