Finnish firm Spinnova posts sales of $403.28 thousand in H1 FY24

Spinnova Plc, a Finnish textile company, has reported unaudited revenue of €362 thousand (approximately $403.286 thousand) for the first half of fiscal 2024 (H1 FY24), a sharp decrease compared to €8.82 million in the same period of the previous year. The company's operating result for the period showed a loss of €9.91 million, which, despite being substantial, was an improvement from the €10.99 million loss reported in H1 FY23.

The company's total investments during the first half of FY24 amounted to €3.35 million, down from €6.05 million in H1 FY23, the company said in a press release.

In terms of profitability, Spinnova posted a loss of €9.15 million for the period, compared to a loss of €10.56 million in the first half of fiscal 2023. The company’s earnings per share (EPS), both diluted and undiluted, stood at minus €0.18, an improvement from the minus €0.20 recorded in H1 FY23.

“The first half of 2024 was an eventful time for Spinnova. At the beginning of the year, we worked intensely on finalizing our strategy review. We launched the updated strategy at our Capital Markets Day on 14 March. Spinnova now focuses on technology sales and delivering the technology with partners to customers investing in Spinnova fibre production facilities,” said CEO Tuomas Oijala.

Fibre2Fashion News Desk (DP)