Woodbois reports double-digit revenue rise in first quarter revenue

Woodbois Limited (LON:WBI) has reported a 10% year-on-year rise in revenues to US$4.9mln in its first quarter, highlighting “no discernible slowdown in demand” for its timber and forestry services.

In an update on Thursday, the AIM-listed group said the first full quarter of production at the newly re-tooled sawmill in Gabon saw production increase by more than 100% over the previous quarter, with recovery levels of 40%, higher than the 34% average for 2019.

READ: Woodbois says has coronavirus contingency plans in place, but so far unaffected by outbreak

Woodbois also said that it has been seeking the optimum way to recommence operations at its concessions in Mozambique and believed a recently signed management agreement with US company Future Earth provided “material benefits to both parties”.

The group added that production at its Gabon veneer factory and sawmill has been “tapered down” from the start of April due to government measures restricting worker movement during the coronavirus pandemic.

Meanwhile, the companys chief executive Paul Dolan said the company was “putting in place the necessary measures” to weather a global recession caused by the coronavirus pandemic, adding that once the outbreak subRead More – Source

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