Woodbois up despite fall in revenues

Shares in AIM-listed timber firm Woodbois (LON:WBI) climbed 3.43% to 2.53p (as of 14:50 BST) after management said the firm was on track to meet full-year expectations. Revenues for the three months ended 30th September were down by 34.6% relative to the same period of 2019 as COVID impacted trading. There has been some recovery in recent months but there is still disruption caused by paused orders and production since April.

CEO Paul Dolan commented: “The financial transformation we effected during this quarter means that the Group is well positioned to deliver significant, profitable growth as the global economy recovers in the months and years ahead.

“With our facilities now operating again and given the pronounced uptick in demand that we are starting to experience, we anticipate both revenue growth and margin expansion as we exit 2020. This gives us confidence that we can achieve our current targets for the full year.

“We are seeing clear evidence of continued demand from around the world for our products. This, alongside the broader context that the global population is set to grow by almost 1 billion people during the course of this decade, underpins our assumption that that demand for construction materials, particularly in the developing world, will inevitably increase“.