The sustainable textile producer Spinnova Plc. has achieved a high increase in sales and reduced its loss in the first half of 2022. This emerges from an interim report published by the company based in the Finnish city of Jyväskylä on Thursday.
Accordingly, the company has taken a big step forward in its plans to expand its business activities. Sales in the first half of the year amounted to around EUR 7.6 million, after only EUR 0.37 million in the same period of the previous year. During the period, commercial products using Spinnova’s innovative, eco-friendly fibers were launched through partnerships with Adidas and Arket, CEO Kim Poulsen said in a statement.
Due to higher costs for the expansion of business activities, the operating loss, which had been EUR 3.1 million in the first half of 2021, grew to EUR 5.8 million. However, thanks to lower financial expenses, the reported net loss was reduced from 10.4 to 7.5 million euros.
Spinnova aims to become “the preferred sustainable textile material across multiple categories and industries”. The company, which produces new fibers from wood and recycled waste using processes it has developed itself, has been listed on the stock exchange since summer 2021 and is currently massively expanding its production capacities. In recent years, Spinnova has already concluded numerous development and production agreements with well-known clothing suppliers such as Adidas, The North Face, Hennes & Mauritz and the Danish textile group Bestseller Group.