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

Looking ahead, the timber firm said it is “well positioned to deliver higher levels of revenue and margins when global economic activity resumes post-coronavirus”

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--

Quick facts: Woodbois Limited

Price: 2.6 GBX

LSE:WBI
Market: LSE
Market Cap: £37.2 m
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