Fox Marble Holdings PLC Commencement of new revenue stream (7319V)
05 December 2019 - 6:00PM
UK Regulatory
TIDMFOX
RNS Number : 7319V
Fox Marble Holdings PLC
05 December 2019
05 December 2019
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Commencement of new revenue stream
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region is pleased to
announce that it is has signed its first contract for the
processing of third party blocks, which represents an additional
revenue stream for the Company.
Fox Marble now has three principal sources of revenue from three
separate activities, those of block sales from its Prilep quarry in
North Macedonia; sale of processed material from blocks of its own
material quarried in Kosovo and Macedonia and block processing for
third parties.
Under this new third-party agreement, Fox Marble will process
stone on behalf of Inter Stone LLC at the Company's factory at
Lipjan in Kosovo. The contract is for twelve months and it is
expected that Fox Marble will continue to process blocks of
material each month. The blocks due to be processed within the
first monthly batch of material have been delivered to the factory
site and production has begun. The first order under this contract,
expected to be fulfilled in December 2019, will generate around
EUR100k in revenues for the Company. The level of production will
be up to a maximum of 1,000 tons per month, depending on the
capacity that Fox Marble requires for its production of its own
material.
This arrangement will allow Fox Marble to expand capacity at the
factory, driving performance improvements, whilst maximising
operating efficiencies.
This optimisation performance and efficiency comes in part from
the adoption of a new flexible multi-shift system and is part of an
overall factory improvement programme achieved since the recent
appointments of Francisco Espinosa (COO and Head of Sales) and
Secundino Costas da Villa (Technical Factory Manager),who bring
with them a wealth of natural stone experience.
Working capital continues to be carefully managed as we
implement our plans for growth.
Chris Gilbert, CEO, commented "This new revenue stream will
allow Fox Marble to utilise more of its factory capacity and
increase operating efficiency, whilst still processing its own
marble for sale globally as well as in the wider Balkan market. We
look forward to our ongoing partnership with Inter Stone LLC. I
look forward to updating the market in the New Year on our strategy
and future growth plans."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer Tel: +44 (0) 20 7380
0999
Fiona Hadfield, Finance Director Tel: +44 (0) 20 7380
0999
Brandon Hill Capital (Joint Broker)
Oliver Stansfield Tel: +44 (0) 20 3463
Optiva Securities (Joint Broker) 5000
Christian Dennis / Jeremy King Tel: +44 (0) 20 3981
4173
Cairn Financial Advisers LLP (Nominated
Adviser)
Liam Murray / Sandy Jamieson / Ludovico Tel: +44 (0) 20 7213
Lazzaretti 0880
Notes to Editors:
Fox Marble (AIM:FOX), is a marble production, processing and
distribution company in Kosovo and the Balkans region.
Its marble products include Alexandrian White, Alexandrian Blue,
produced from the Company's Prilep quarry in Macedonia, and Breccia
Paridisea and Rosso Cait and Grigio Argento, produced from its
quarries in Kosovo, are gaining traction globally both to
international wholesale companies as well as being supplied
directly into luxury residential properties.
In the UK these include among others St George's Homes and
Capital and Counties Plc's Lillie Square development. In Sydney,
Australia Rosso Cait, Alexandrian White and Breccia Paradisea
marble have been used in what is expected to be Australia's most
expensive residential property. These sales serve to demonstrate
the desirability of Fox Marble's premium marble products as the
stone of choice in some of the most prestigious and expensive
residential developments around the world.
Marble demand continues to grow with stable pricing and Fox
Marble is capitalising on this growth internationally.
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END
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