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Woodbois Ltd - Guernsey-based timber producer - Swings sharply to a pretax profit of $90.7 million in 2021 from a loss of $4.2 million in 2020. The improvement was attributed to the firm securing 71,000 hectares of additional high quality, virgin forest in Gabon, giving rise to an accounting 'gain on bargain purchase' of $88 million. Revenue rises 14% to $17.5 million from £15.3 million despite continued disruption to shipping through the year. Revenues from its own production increased by 83% to $8.0 million from $4.4 million in 2020. The company increases its net assets by 65% to $258.4 million from $156.8 million, largely due to the revaluation of its properties in Gabon and the purchase of La Gabonaise des Forets et de l'Industrie du Bois. Company says the first quarter of 2022 has been ahead of the previous year despite shipping challenges which it expect to persist in the first half.
Current stock price: 3.70 pence, up 1.4% on Friday
12-month change: down 37%
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