- African focused forestry group Woodbois narrowed first-half losses after it slashed costs amid a pandemic-related fall in revenue.

Pre-tax losses for the six months through June amounted to $1.0 million, compared to year-on-year losses of $4.3 million.

Revenue fell 4.1% to $8.2 million, impacted by Covid-19 related disruptions in the global freight shipping sector.

'The company has started to see the fruits of the recapitalisation in the second half of 2020, the revised strategy, the subsequent reorganisation and of key recruits,' executive chairman Paul Dolan said.

He drew attention to it doubling gross profit and margins and and increasing production values while lowering costs.

Still, Dolan said uncertainties created by Covid-19 and logistical difficulties in the shipping industry made it difficult to fully see the benefits of operational progress being reflected in the second half.

'Accordingly we will need to remain agile and adaptable to the prevailing circumstances,' he said.

Story provided by