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.

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.