Financial year 2010
The Algol Group’s total sales improved by almost 10 percent in 2010, but it still did not reach the level achieved before the recession. The operating profit increased thanks to the improved market conditions and as a result of the streamlining measures implemented over the last two years. The Group’s cash flow was good and the net financial items positive.
Algol Chemicals had a good year in 2010. Net sales increased by approximately 15 percent, and operations were profitable in all market areas. The upturn in the economy led to a general increase in demand and rising prices in the raw materials sector. Although delivery problems were experienced in some product groups, these did not have a negative impact on total sales. The company established a new subsidiary in Belarus.
Algol Pharma restructured its operations by dividing activities into three separate business units. Within pharmaceuticals and diagnostics sales the company continued to introduce measures to make its business more focussed and efficient. The rehabilitation equipment business continued to strengthen its market position in its operating area. In addition, work continued on further developing the product range and pharmaceutical services.
Algol Technics posted a good result despite the challenging economic situation in the commodity markets. All business operations exceeded their earnings targets. The company’s operations increasingly focused on tailored deliveries, which include service and customer-specific solutions.
The outlook for 2011 is positive, and the Group has set itself the target of further improving its result. The basis for profitable growth is an increased focus on valueadded services and new sales concepts in all business areas.