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Africa-focused forestry and timber trading group Woodbois said its revenue had fallen in the first half, though margins had improved.
Revenue for the six months through June had dropped to $8.2 million, down from $8.6 million year-on-year, but had risen from the $6.7 million posted for the second half of 2020.
Woodbois said also reported a first-half 'gross profit margin upward rebase' to 20%, from 8% for the 2020 full year.
'The second quarter was a pivotal period for the business as we witnessed a hard-earned positive rebase of operating margins and executed on the next stage of our expansion plans through the acquisition of two additional veneer lines in Gabon as well as successfully completing an upsized fundraising,' executive chairman Paul Dolan said.
'The new veneer lines are expected to generate material levels of high margin production growth when they come online, making them a highly value-accretive purchase for our investors.'
'The fundraising, which I am grateful to our new and existing investors for their support with, means that we are now well funded to execute on the exciting opportunities in front of us.'