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Timber group Woodbois posted a full-year loss, as rising revenue was more than offset by higher operating costs.
Pre-tax losses for the year through December amounted to $5.6m, compared to losses of $7.3m on-year.
Revenue rose 70% to $13.4m.
'Perhaps due to the rapid growth of the business, several approaches were received during 2018 regarding potential joint ventures and acquisition possibilities,' chairman Miles Pelham said.
'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.'
At 9:41am: (LON:WBI) share price was 0p at 6.25p