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Woodbois earnings expectations steady even as revenue deferred
StockMarketWire.com
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Africa-focused forestry company Woodbois cut its annual revenue guidance as the pandemic pushed some expected sales into next year, though it kept its earnings expectations intact.
Woodbois said around $2 million of revenue to be recorded in the fourth quarter would now come in next year, meaning 2020 revenue was now expected at around $15 million.
'Management's earnings expectations for 2020 remain unchanged,' it added.
The company said that since an October update, it had continued to make 'solid progress' across its trading arm, as global demand started to rebound.
Its production division, meanwhile, had increased output in October and November by 41% over the previous quarter's average.
A balance sheet restructuring completed in August that saw net debt cut to $1.1 million continued to drive down interest costs, with Woodbois remaining on track for a 90% interest cost saving in the fourth quarter versus the second.
Cash balances at the end of November were $3.5 million, bank and similar debt was $7.5 million and working capital stood at $11 million.
At 9:06am: (LON:WBI) share price was 0p at 2.3p
Story provided by StockMarketWire.com
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