Strategic review and new CEO for Spinnova
Specialist fibre developer Spinnova has reported revenues of €8.8 million for the first six months of the year.
This is up by 15.5% on the same period last year, but the Finnish company has announced a strategic review because losses fell to €11 million for the period, compared to losses of €5.8 million for the first half of last year.
Spinnova, which specialises in producing textile fibres from wood or waste from leather, apparel, or agricultural production, has also announced that Tuomas Oijala will take over as chief executive, at the start of 2024 at the latest. He has held senior strategy, commercial and business development positions at elevator technology company Kone.
The company appointed Kim Poulsen as its chief executive in August 2022, but he left the role at short notice in April this year. Then-chief finance officer, Ben Selby, took over as interim chief executive and will become deputy chief executive when Mr Oijala arrives.
Its stratgic review will focus on short-to-medium-term measures that could help Spinnova achieve positive cashflow.
