- Africa-focused forestry group Woodbois said it had achieved its revised target for a 23% fall in annual revenue.

Revenue for the year through December dropped to $15 million down from $19.5 million in 2019, the company said.

Fourth quarter revenue was $3.2 million, consistent with the third quarter but down from $5.6 million year-on-year.

Woodbois said its underlying profitability was ahead of expectation prior to any write-down of inventory.

Looking forward, the company said it expected to turn cashflow positive, deliver profitability and generate significant revenue growth in 2021.

It added, however, that some continued impact from the pandemic should be expected.

'One consequence has been a delay in securing the purchase of a second veneer line, now budgeted to be operational by the end of 2021,' Woodbois said.

'Consequently, because of this and current Covid-19 impacts revenues in 2021 are currently expected to be in the range of $25 million to $30 million, with the revenue target for 2022 of more than $60 million remaining unchanged.'

At 9:41am: [LON:WBI] share price was 0p at 2.3p

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