Growth and recovery in 2017
In 2017 we saw a clear economic upturn and increased demand in Finland, the Algol Group’s largest market.
The improved economic situation had a direct impact on sales for Algol Chemicals, in addition to which it succeeded in expanding its portfolio of both products and suppliers and increasing its own service production. The net sales increased by 10 million euro to 90.1 million euro. The improvement in performance and growth were distributed evenly between all the company’s markets, and its overall result was significantly better than in previous years.
Algol Technics did not yet achieve a satisfactory result, although its performance improved towards the end of the year. The weak demand in previous years continued to impact project deliveries in particular. Service operations also fell short of targets. Product sales, however, were on target. The net sales of Algol Technics grew from 38 to 41 million euro. At the end of 2017 Algol Technics acquired a majority shareholding in Co-Automation Oy, which specialises in robotics solutions.
The combined net sales of our healthcare subsidiaries reached 18.7 million euro, which was slightly above the level of the previous year. Sales of laboratory products and services increased, but sales of rehabilitation equipment fell somewhat.
The sales and result of Suomen Unipol fell somewhat, but remained at a good level. The result in euro of Omya-Algol Russia was significantly weaker compared to the excellent outcome in 2016.
The positive earnings trend that the Group has shown since 2013 levelled off in 2017. Operating profit remained at zero. An organic growth of some 10 percent helped maintain the Group’s net sales at the same level as in 2016, despite losing the considerable net sales of pharmaceutical business, which was divested at the end of 2016.
|Net sales M€||164,7||166,1||162,6||178,9|
|Non-current assests M€||20,6||20,7||19,9||18,5|
|Finished goods M€||20,2||17,2||19,0||17,8|
|Cash and bank balancies M€||3,6||4,7||8,1||7,4|
|Shareholder's equity M€||25,8||28,1||28,0||26,8|
|Interest bearing debt M€||23,8||16,9||18,3||18,5|
|Total assests M€||85,1||74,2||70,2||68,1|
|Number of employees on average||386||395||393||488|
|Number of employees in Finland||262||276||301||354|