The company's performance varied across its geographical segments. In the Americas, Suominen's net sales remained stable at €288 million, while in Europe, net sales saw a significant drop from €205.5 million to €162.8 million, the company said in a press release.
The comparable EBITDA for FY23 was €15.8 million, up from €15.3 million in the previous year. However, the reported EBITDA decreased to €11.2 million from €14.3 million.
The operating performance of Suominen also showed signs of resilience. The comparable operating profit for the year improved to minus €2.8 million from minus €4.2 million, while the reported operating profit was minus €7.5 million, an improvement from minus €9 million in the prior year.
Focusing on the final quarter of FY23, October to December 2023, Suominen experienced a 14 per cent decrease in net sales to €114.9 million, compared to €133.1 million in the same period of the previous year. The comparable EBITDA increased to €5.3 million from €5 million, and the reported EBITDA also saw a rise to €5.3 million from €4 million. Notably, the comparable operating profit turned positive to €0.7 million, a significant improvement from a loss of €0.2 million in the corresponding period of the previous year, while the reported operating profit also improved to €0.7 million from a loss of €5.0 million.
“The wipes nonwovens market is rapidly transitioning towards more sustainable solutions. In line with our strategy, we have set targets to increase the sales of sustainable products and to continuously innovate new environmentally friendly nonwovens. In 2023 we increased the sales of sustainable products by 79 per cent exceeding our target of 50 per cent increase compared to our base year 2019. We also completed an investment project in Nakkila, Finland, to further strengthen our capabilities in sustainable nonwovens,” said Tommi Bjornman, president and CEO.
Fibre2Fashion News Desk (DP)