13th May 2019 09:41
LONDON (Alliance News) - Woodbois Ltd on Monday reported a narrowed annual loss on the back of significant revenue growth in what the company described as a "transformative year".
Woodbois was known as Obtala before changing its name in March to better reflect its new strategy, which is focused on building an African forestry and timber trading platform.
For 2018, the company posted a pretax loss of USD5.6 million compared to USD7.3 million in 2017. Revenue meanwhile rose 70% to USD13.4 million from USD7.9 million.
Woodbois said it received several approaches regarding potential joint ventures and acquisition possibilities, "perhaps due to the rapid growth of the business".
"For the time being we are focussed on organic growth and maximising returns from existing assets, but we remain open to all avenues leading to profitable, sustainable, growth," Chair Miles Pelham said.
Looking ahead, he added: "Africa is widely forecasted to exhibit the highest rates of population and economic growth on the planet for at least the next two decades.
"Identifying, hiring, training, empowering and providing financial capital for African talent is therefore likely to yield above average returns on investment. In my experience, attracting capital is the most difficult of these objectives, so having started to crack this very hard nut, we find ourselves incrementally well positioned to significantly increase shareholder value."
Furthermore, Woodbois said it appointed Henry Turcan as non-executive director. He has worked in financial services since 1996, with a focus on equity capital markets, the firm explained.
Turcan, is a representative of the funds managed or sub-advised by Lombard Odier Investments Manager group entities, collectively the company's largest shareholder.
Woodbois shares were trading down 0.8% at 6.20 pence each.
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