LONDON (ShareCast) - (Sharecast News) - Forestry and timber trading company Woodbois brought in record quarterly revenues of $5.6m in the three months ended 31 December thanks to a strong showing from its trading division.
Woodbois reported quarterly revenues of $3.8m from its trading division in the fourth quarter, helping the firm register a 48% increase in full-year revenues to roughly $20m.

The AIM-listed group's solid performance cane without increasing administration expenses and following the re-tooling of its sawmill in Mouila, Gabon on time and within budget. A step-change in recovery rates from newly purchase bandsaws was also immediately realised.

Chief executive Paul Dolan said: "The business has continued its rapid and consistent growth path throughout 2019 with revenues once again rebased year-on-year.

"Management have also executed effectively on the group's capital expenditure led strategic plans, building Woodbois brand value and positioning the Group to achieve significant levels of growth and profitability in the decade ahead. While aiming to continue the delivery of significant levels of top-line growth during 2020, the group will also implement measures to strengthen its cash balance and improve margins, while further leveraging its fixed cost base to improve overall profitability."

As of 1040 GMT, Woodbois shares were up 6.31% at 5.90p.

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