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Audited results for FY 2020
· Business resilient despite COVID-19: gross profit $1.2m vs $2.8m in 2019
· Building blocks in place for future growth
Post-period end:
· From Q4 2020 to Q1 2021 Woodbois significantly grew its sawn timber and veneer production by 83% and 44% respectively
· Launch of the Company s Reforestation and Carbon Credit division
· On track to become cashflow positive and deliver record turnover
Paul Dolan said:
Despite the highly challenging market conditions during 2020, the business performed very credibly. At a company specific level, we were able to reset the balance sheet in August 2020 by converting the vast majority of our debt into equity. We subsequently dedicated our capex to maximizing returns from high margin production assets and built-out the operational team with a number of key hires towards the end of 2020/early 2021. This has enabled Woodbois to continue to further strengthen its