Finnish textile technology company Spinnova Plc significantly reduced its losses in fiscal year 2024. The company, which specializes in sustainable fiber production processes, benefited from a strategic shift in its business model and comprehensive cost-cutting measures.

According to the annual report published on Thursday, the operating loss, which amounted to 20.9 million euro in the previous year, decreased to 18.3 million euro. The net loss decreased by 14 percent to 16.8 million euro.

Company refrains from forecasts for the time being

Annual revenue, however, shrank from 10.6 million to just under 0.8 million euro. The company attributed the decline to the completion of the technology project for the production facility of the Spinnova joint venture Woodspin in 2023. As part of its new strategy, the company largely limited itself to service activities in the past fiscal year.

After business development in the past year was in line with expectations, management refrained from making forecasts for 2025 for the time being. The current plans, which are being developed together with strategic partner and major shareholder Suzano, are not yet finalized, the company stated.

This article was translated to English using an AI tool.