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.
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