Woodbois Ltd - Guernsey-based sustainable wood manufacturing company operating in Africa - Provides quarterly operational and financial update. Reports first quarter own production sales of $3.0 million against $2.75 million in the same quarter in 2022. Expects total revenue for full year 2023 to exceed 2022 with the focus on margin and profitability. Says first quarter gross profit margin of 25% was in line with 2022. Expects to deliver further growth in profitability and to achieve positive operational cash flow during 2023. Mandates a real estate broker in Gabon to explore the potential for a sale and lease-back of 14 hectares of real-estate production sites in Mouila, Gabon, valued independently at $15 million in May 2021.

Also announces company has been verbally notified that it has been awarded a 40-year land lease for a carbon credit afforestation project by the Gabonese government, the news has also been nationally reported on the Gabonese National Land Allocation Commission website. Plans to review funding of the pilot phase which it estimates will cost $5 million. Expects to reinvest proceeds from the sale of carbon credits to help fund the project while external funding will also be required. Says currently examining a number of funding possibilities.

Current stock price: 1.01 pence

12-month change: down 77%

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