Woodbois shares were up 0.4% to 4.4p in early afternoon trading on Tuesday after the company reported a 22% jump in Q1 revenue to $5.6 million against $4.6 million in Q1 2021.
The group further noted a gross profit margin rise of 23% from 20% last year, alongside a cash balance of $2.6 million.
Woodbois celebrated its best quarter for volume of product shipped since before the Covid-19 pandemic and highlighted a 24% increase in sawmill production and a 13% climb in veneer production year-on-year.
The company commented that it aimed to grow its exports to the United States and Europe over 2022, with an expected increase in scale and profitability as the group worked out the hurdles in its shipping and production operations.
“The business is now beginning to reap the rewards from the significant investment in capital and human resources over recent periods,” said Woodbois CEO Paul Dolan.
“The operational performance in Q1 continues the growth set out in our 2021 results, which were released on 1st April 2022.”
“Absent any further material disruption to the shipping routes and container availability we plan to deliver strong quarter-on-quarter growth throughout the remainder of the year.”
Board Reorganisation
Woodbois announced several changes to its management, including the reintroduction of executive chair Paul Dolan as Chief Executive Officer.
Former Chief Executive Officer Federico Tonetti has reportedly been confirmed to leave the firm soon, and non-executive director Graeme Thomson has been appointed as non-executive chair.
“We needed to amend our senior team in order to ensure enhanced and dedicated focus at our key assets in Gabon so as to better deliver our expansion plans,” said Dolan.
The company also highlighted the introduction of Olivier Normand in the newly created role of Gabon Country Chief Operating Officer, who will reportedly be overseeing enhanced processes, oversight and daily functions at the Operation under the supervision of Gabon Operations head Hadi Ghossein.