H1 result outstrips whole of last year’s for Spinnova
Finnish biomaterials company Spinnova has reported revenues of more than €7.6 million for the first half of 2022, which is substantially more than the full-year figure it reported for whole of 2021.
The start-up company is still some way short of being profitable, but it has reduced its net debt and increased the number of its full-time employees by 40% compared to a year ago, reaching 69 at the mid-point of 2022.
Spinnova said on releasing the figures, which are unaudited, that its target market is growing and that demand for sustainable textile materials is “very strong”. The company has developed patented technology for making textile fibre out of wood or waste materials from leather, textile and agricultural production. In addition, it makes its fibres without any use of harmful chemicals.
