Woodbois LON:WBI confirmed today that timber production from its projects in Gabon have resumed. However the audited annual report and accounts will not be finalised ahead of the 30 June deadline.
Because of the disruption Woodbois faced last year, there have been “delays” in getting access to the FY 2024 accounts and as a result, preparatory work for the 2024 audit is behind schedule. Management says it is now working tirelessly to get the new set of numbers completed.
Woodbois is back in production
Woodbois engages in forestry, timber trading and carbon solutions, focused in particular on sustainable forestry projects. Mismanagement and issues with its creditors have punished the shares severely. This has led to a loss of 87% on the shares over 12 months. The stock is now down nearly 98% from peaks achieved in 2022.
Woodbois was not helped by the 2023 military coup in Gabon that saw the army replace President Ali Bongo, after 55-years in the Presidential Palace, Woodbois had problems rebuilding its operations in the country.
Woodbois said it was implementing “a complete simplification” of its corporate structure which will both make operations more efficient and simplify future accounting and audit processes.
“After a challenging few years, I am delighted to report that the company is back in production and experiencing growing sales, both locally and internationally, with numbers increasing month on month,” said Clive Roberts, Chairman of Woodbois. “Thanks are due to the investors who supported the recent raise and the workforce in Gabon who have made this possible. Delays in finalizing accounts are frustrating, but we have an excellent team working on the audit, and we will update the market in due course.”
Year to date, significant volumes of wood have been repatriated under forestry concessions, with a notable increase in activity during May 2025. Production has similarly been active, reflecting increased utilization of available material.
Woodbois said a substantial volume of wood remains to be repatriated from the forest under current forestry concessions, aligning with the onset of the dry season, which facilitates transportation.
- IEA flags up Nano One tech as key for battery supply chains
- AIM Market Roundup: Tungsten West, Blue Star Capital, Ariana Resources
- Market welcomes CPP’s radical restructuring plans
The entire stock of veneer held at the end of last year has now been sold. A major portion has already been shipped, delivered, and paid for, while the remainder is at the port undergoing customs processes, with shipment and payment expected shortly. Additional veneer is currently under production and is set to be exported in the near term.
Woodbois’ identified profit centres have previously included the sawmill division, responsible for wood processing and lumber production; the veneer factory division, focused on manufacturing and distributing veneer products; the trading department, engaged in trading Woodbois and third-party timber and related commodities; and the carbon credits projects division, dedicated to the development and management of carbon offset initiatives.
Boost in sawn timber sales
Participation by Woodbois management in international trade shows in Dubai and Cologne recently led to a boost in sawn timber sales, with exports completed and further contracts signed, now pending final steps in production and agreement finalization. Several negotiations are believed to be underway for the sale of existing sawn timber stock and for future production.
The delay to the publication of the audited FY 2024 annual accounts means that trading in Woodbois ordinary shares on AIM will be suspended with effect from 7:30 a.m. on 1 July 2025 and will remain suspended until the publication of its audited FY 2024 annual accounts.
