by Joe Hope
Woodbois Ltd on Thursday said it expects revenue and profit to grow in 2022, but at a lower level than expected due to ongoing shipping delays caused by the coronavirus pandemic.
The Africa-focused forestry and timber company said revenue rose 15% in 2021 to $17.5 million and gross profit from $1.2 million to $3.3 million, but its growth was hampered by continued shipping and container difficulties and disruptions related to the coronavirus, Especially in the fourth quarter.
The company said it expects disruption to continue through at least the first half of the new year, and has arranged a $2 million general-purpose facility with its largest shareholder, Rhino Ventures Ltd., to be used for stresses on its work. will be done when Capital exceeds expectation. It has also secured an additional $2 million facility with second-largest shareholder Lombard Odier, which will be used if additional short-term working capital is required. Both the facilities have 8.5% interest rates.
“The company remains confident of materially growing revenue and profitability during 2022, although this growth is likely to be lower than previous expectations due to expected continued shipping delays,” Woodbois said.
Shares were down 0.32 pence, or 7.6%, at 3.98 pence at 1002 GMT.
Write to Joe Hope at [email protected]