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Woodbois Ltd - African timber producer - Says it has continued to make progress across both its trading arm and at its production division which increased output in October and November by 41% over the previous quarter's average. Says balance sheet restructuring completed in August, which saw net debt reduced from USD49.9 million to USD1.1 million, continues to drive down interest costs, with Woodbois remaining on track for a 90% interest cost savings in fourth quarter versus second quarter. As a result of pandemic, company now expects that USD2 million of turnover that was expected to be recorded in fourth quarter will now not occur until next year. Company now expects turnover for the full year 2020 to be around USD15 million. Management's earnings expectations for 2020 remain unchanged.
Current stock price: 2.41 pence
Year-to-date change: down 58%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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