Company
LON:OBT
Woodbois Ltd is an African-focused forestry company, divided into three distinct, but highly complementary divisions comprising the production and supply of sustainable African hardwood products, the trading of hardwood and hardwood products, and a reforestation and carbon credit division. The company's forestry division has production facilities in Gabon and Mozambique, managing a total of c470,000 hectares of natural forest concessions.
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“We remain well-financed and our further strengthening of the operational team during Q4 and in 2021 means that we are well placed to capture the opportunities and build shareholder value," said chief executive Paul Dolan
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The Africa-focused timber firm said demand for sustainably produced hardwood has “started to rebound” and that its production division increased output in October and November by 41% over the previous quarter’s average
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The Africa-focused forestry and timber firm said it has “significantly” reduced its debt to US$1.1mln from US$49.9mln, which in turn has cut interest charges by 50%
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Recent improved conditions both in Gabon and in the trading arena give cause for optimism, chief executive Paul Dolan said
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The SPOTT transparency assessments are run by the Zoological Society of London
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Woodbois is looking to pay dividends from 2021 onwards
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Woodbois wants to increase capacity at its veneer plant in Gabon
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Despite falls in activity over April and May, the timber group said in the last two weeks enquiries and demand levels had started to return
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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”
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The forestry firm also said production at its newly re-tooled sawmill in Gabon had increased by more than 100% over the previous quarter
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It added that its first priority was the safety and health of all of its employees and their families
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Future Earth II will fund, manage and operate the AIM-listed group’s concessions in the country to produce sawn lumber and veneers
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Important cash-management measures will allow the African timber company to enter the new decade in a stronger position, said chief executive Paul Dolan
Increased revenues were achieved without increasing administration expenses, with operating expenses decreasing roughly 20%
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The agreement, which is expected to be formalised in January, will generate “material additional trading revenue” for the forestry firm
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The timber company converted perpetual preference shares in its subsidiary, into convertible bonds to be redeemed in 2024
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The African timber producer and trader increased revenues and cut losses in the first half
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