The Finnish textile manufacturer Spinnova Plc closed the 2022 financial year with a significant increase in sales. Due to high investments in the expansion of production capacities, the company, which produces new fibers from wood and recycled waste using processes it has developed itself, is still in the red. This emerges from an annual report that Spinnova published on Tuesday.
In the past year, the company was able to increase its sales, which had been EUR 6.06 million in 2022, to EUR 24.3 million (+300.4 percent). The company also passed an important milestone: In October, the Woodspin joint venture, which Spinnova operates together with the Brazilian textile manufacturer Suzano, was able to complete its first factory. Commercial fiber production has recently started there.
The joint venture is already planning the construction of a second production facility, which is currently scheduled to go into operation after 2024. The joint venture Respin, which Spinnova and the Danish shoe manufacturer Ecco have set up to produce new fibers from leather waste, has also made progress towards commercial use in the ongoing pilot phase, the company said.
High investments in the new production facilities, technological innovations and the expansion of the workforce weighed on the result. The operating loss grew by 71.6 percent to 12.3 million euros compared to the previous year. However, the reported net loss decreased by 8.5 percent to 14.1 million euros.