- Forestry and timber trading group Woodbois reported a 41% rise in third-quarter revenue and an improvement in year-to-date margins.

Revenue for the three months through September increased to $4.5 million, up from $3.2 million year-on-year, the company said in a trading update.

Nine-month revenue had risen 8% to $12.7 million, while gross margin had expanded to 20%, from 8%.

Woodbois also announced that it had increased its Gabon forest interests by 75% through the acquisition of 71,000 hectares, bringing total forest under sustainable management there to 166,000 hectares.

The consideration for the deal was $1.5 million, of which $0.9 million was settled in cash and the remainder in four quarterly payments commencing this month.

Looking forward, Woodbois said its objectives to turn operationally cash-flow positive within fourth quarter and to record its first ever positive underlying earnings this year remained on track.

Story provided by