Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
African focused forestry and timber trading company Woodbois posted a first-half loss, as its revenue slipped and finance costs rose.
Pre-tax losses for the six months through June amounted to $4.3m, compared to losses of $3.4m on-year.
Revenue fell 7.5% to $8.6m after the company was impacted by Covid-19-related lockdown measures.
'The year to date has seen a significant reshaping of Woodbois, with the transformational £13.1m fundraise enabling us to meet our objective of restructuring the balance sheet,' chairman Paul Dolan said.
'We believe our emphasis on sustainability, transparency and good practices will differentiate us as customers become increasingly focused on environmental and other considerations.
'We remain ever conscious of the uncertain course and impact of Covid-19 and continue to ensure we remain flexible and ready to react promptly.
'But recent improved conditions both in Gabon and in the trading arena give cause for optimism as a pronounced uptick in demand began to filter through as we entered the summer months.'
'Management is now focused on ensuring sustainable profitability and long-term cash generation, with the clear objective to deliver on our commitment to pay a dividend in 2022.'
At 9:11am: (LON:WBI) share price was -0.2p at 2.3p