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Woodbois reports surge in full-year revenues as losses fall by half

Last updated: 10:21 30 Apr 2020 BST, First published: 07:58 30 Apr 2020 BST

Woodbois Limited - Woodbois reports surge in full-year revenues as losses fall by half

Woodbois Limited (LON:WBI) has reported a jump in full-year revenue as its underlying losses (LBITDA) narrowed by around 50%.

For the year ended December 31, 2019, the Africa-focused timber group noted that revenues had risen by 45% year-on-year to US$19.5mln, while its LBITDA from continuing operations narrowed to US$1.9mln from US$3.8mln.

READ: Woodbois reports double-digit revenue rise in first quarter revenue

 The company also said recovery rates from its sawmill in Gabon had risen to 40% from 33% during the year, while post-period it had recommenced operations in Mozambique after more than two years.

Looking ahead, Woodbois said it is “well-positioned to deliver higher levels of revenue and margins when global economic activity resumes post-coronavirus”, adding that the disruption caused by the coronavirus pandemic is “likely lead to growth opportunities”.

“The US$19.5m in revenues achieved in 2019 constitutes less than half of one percent of the US$4bln African export timber market. The immediate target is 2% market share but I see no reason to believe that 5% is an unrealistic ambition”, Paul Dolan, Woodbois' chairman and chief executve said in a statement.

Woodbois shares moved 5.2% lower to 3.7p in mid-morning trading on Thursday.

--Adds share price--

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