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.

We are participating in the fall meeting organized by the Finnish division of the International Academy of Pathology (IAP) in Helsinki on November 24-25, 2022.

The theme of the meeting is bone and soft tissue pathology.

See you in the Congress Centre Paasitorni, Helsinki.

Read more

iap.yhdistysavain.fi
https://www.iapcentral.org

Algol Diagnostics and Danish 2cureX have signed a distribution agreement to commercialize IndiTreat® in Finland. Under the terms of the collaboration, Algol Diagnostics will promote IndiTreat® to oncology professionals, sign supply agreements with hospitals and manage the sample logistics between the hospitals and 2cureX labs in Copenhagen. The contract is initially for three years.

“We are thrilled to welcome Algol Diagnostics as our partner in Finland. They are a very strong player in the diagnostic field and have a synergistic product portfolio, and we are confident that they will succeed in commercializing IndiTreat® in their country”, said Fernando Andreu, CEO of 2cureX. 

Johan Wulff, Managing Director of Algol Diagnostics, says that the company has systematically developed its pathology diagnostics portfolio towards automatization and digitalization, contributing to fast and accurate patient diagnosis.

“Adding innovative tests like IndiTreat® makes our product offering even better. Leveraging our strong relationships to hospitals in Finland, we want to take an active role in helping healthcare professionals in Finland provide more personalized care to cancer patients”, Wulff says.

Nordic Region, at the forefront of precision oncology

According to Jesper Floyd Kristiansen, VP Business Development at 2cureX, the Nordic countries have developed a strong ecosystem for precision oncology in the last years, including several initiatives to incorporate innovative diagnostic approaches. 

“With a direct presence in Scandinavia and the collaboration with Algol in Finland we think we are in a better position to be a relevant player in that ecosystem”, Kristiansen said.

About 2cureX

2cureX is a leader in cancer drug sensitivity testing and has developed the IndiTreat® (Individual Treatment) family of tests. Starting from a sample of the patient’s tumor, IndiTreat® creates thousands of 3D replicas (tumoroids) and predicts the tumor response to the different available drugs, providing the physician with valuable information to make the treatment decisions.

The company is listed on Nasdaq First North Growth Market in Stockholm (symbol: “2CUREX”). For more information about 2cureX visit www.2curex.com

Read more from 2cureX’s press release.

Diagnostic pathology is becoming increasingly digital. Digital pathology improves the sample process and reduces the time it takes to prepare diagnoses. Finnish family enterprise Vita Laboratoriot Oy has signed an agreement with Philips Oy for the delivery of a digital pathology system.

Vita Laboratoriot will be the first laboratory in Finland to take delivery of the glass scanner and IMS image management system included in the latest generation digital pathology system offered by Philips. The system will be introduced during 2022. In 2023, the system will also enable the digitalisation of cytological samples.

Algol Diagnostics is the digital pathology partner of Philips in Finland and is actively participating in Vita’s digital transition.

More information

Miika Palviainen, tel +358 50 587 5030

Read more about the case (in Finnish): Vita Laboratoriot ottaa käyttöön Philipsin digipatologiajärjestelmän

We are participating in the spring meeting organized by the Finnish branch of the International Academy of Pathology (IAP) on May 5-6, 2022 in Tampere, Finland.

The topics of the meeting are head & heck pathology, general pathology and autopsy pathology.

Finland’s IAP

Finland’s IAP (International Academy of Pathology) is primarily an organisation for further education in the field of pathology. The organisation plays a key role in developing research, training and laboratory techniques in the field of pathology.

iap.yhdistysavain.fi/
www.iapcentral.org/

Algol is donating 50,000 to humanitarian relief in Ukraine. Half of the amount is being donated to UNICEF’s Ukraine Fund and half to the Disaster Relief Fund of the Finnish Red Cross.

Algol strongly condemns Russia’s unlawful hostilities, and with our donation we want to support Ukraine in their fight. We are also supporting our local employees by securing their financial livelihoods.

UNICEF and the Finnish Red Cross provide humanitarian aid to those affected by war through donations. The donations will be used, for example, to help organise water distribution, supply food, hygiene and first aid kits, provide healthcare and evacuate people from the conflict areas.

Our thoughts are with the people of Ukraine.

Algol Diagnostics belongs to Algol Group.

Further information

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