The Finnish textile technology company Spinnova PLC significantly reduced its loss in the 2024 financial year. The company, which specializes in sustainable fiber production procedures, benefited from a strategic change in your business model and comprehensive savings measures.
According to the annual report published on Thursday, the operational loss, which was still 20.9 million euros last year, fell to 18.3 million euros. The net amount decreased by 14 percent to 16.8 million euros.
For the time being, the company waives forecasts
However, the annual turnover shrank from 10.6 to almost 0.8 million euros. The company justified the decline in the fact that the technology project for the production facility of the Spinnova-Joint venture Woodspin was completed in 2023. As part of its new strategy, the company was largely limited to service services in the latest financial year.
After the business development was in the course of expectations last year, management initially refrained from forecasts for 2025. The current plans that would be developed together with the strategic partner and major shareholder Suzano have not yet been concluded, it was said to be justified.