REG - Woodbois Limited - Trading Update and delay re. Annual Report

WoodboisAnnouncement

05/06/2025 07:00

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RNS Number : 5145L  Woodbois Limited  05 June 2025

Prior to publication, the information contained within this announcement was
deemed by the Group to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
With the publication of this announcement, this information is now considered
to be in the public domain.

 

5 June 2025

WOODBOIS LIMITED

("Woodbois" or the "Company")

Trading Update and delay in publication of Annual Report and Accounts

 

Trading Update

Further to the Company's announcement on 28 March 2025 regarding the trading
conditions in Gabon, we are pleased to report that production has resumed as
planned.

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.

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.

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.

Participation by 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 underway for the sale of existing sawn timber stock
and for future production.

Gabon's ongoing economic recovery and infrastructure development have opened
new opportunities for domestic log sales. Woodbois Gabon has already secured
its first local customers for this market.

Revenue for June 2025 is projected to increase based on current contracts,
production levels, and both export and local sales activity.

We look forward to updating the market with more detail in due course.

Delay in publication of Annual Report and Accounts

The Company announces that its audited annual report and accounts for the year
ended 31 December 2024 ("FY 2024") will not be finalised ahead of the deadline
of 30 June 2025, as stipulated under Rule 19 of the AIM Rules for Companies.

As stated in the Company's announcement released at 7.00 a.m. on 28 March
2025, as a result of the disruption the Company faced last year, there have
been delays in gaining access to the FY 2024 accounts and as a result the
preparatory work for the 2024 audit was behind schedule and certain accounting
records were not up to date. Since this time, preparation of the Company's
financial statements for FY 2024 has been ongoing and management has been
working tirelessly to get this completed on an urgent basis. Notwithstanding
this, despite the best efforts of all parties, the auditors require more time
to complete their audit due to the delay with finalizing the FY 2024 accounts
for the reasons mentioned above.

The Company is implementing a complete simplification of its corporate
structure which will both make operations more efficient and simplify future
accounting and audit processes.

This delay to the publication of the audited FY 2024 annual accounts means
that trading in the Company's 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.

The Company will provide further updates as and when appropriate.

Clive Roberts, Chairman of Woobois, said: "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. 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."

For further information, please contact:

 Woodbois Limited

 Lucas Kanme, Chief Executive Officer
 Allenby Capital Limited (Nominated Adviser)  +44 (0)20 3328 5656

 John Depasquale, Piers Shimwell

 Novum Securities (Joint Broker)              +44 (0) 20 7399 9427

 Colin Rowbury, Jon Bellis

 Axis Capital Markets Limited (Joint Broker)  +44 (0) 203 026 0449

 Lewis Jones

 

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