JYVÄSKYLÄ – Scandinavian textile fibre innovator Spinnova has launched a cost-cutting review and shaken up its management team on the back of disappointing financial results for 2023 which saw revenues plummet and losses soar.
Spinnova’s results, released today, show that revenue fell to €10.6 million last year, compared to €24.3 million in 2022, while operating losses increased from €13.1 million to €20.1 million and investment in the Finnish company dropped to €9 million from €17 million.
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