(Alliance News) - Fox Marble Holdings PLC on Tuesday predicted flat sales for 2019 and warned that coronavirus outbreak will impact sales of unprocessed marble as a result of the prominence of China as a buyer.
The AIM-listed company, focused on marble quarrying and finishing in Kosovo and the Balkans region, expects sales for 2019 to total EUR1.4 million, flat year-on-year. Production is estimated to total 14,515 tonnes, up from 12,561 tonnes.
"The fall in block sales of Illirico Selene following the closure of operations in Malesheve was offset by increased block sales from the Prilep quarry in Macedonia," Fox Marble said. It added that processed marble will form an increasing proportion of sales from 2020 onwards.
In 2020, the company plans to focus on factory sales of processed marble to Kosovo and the greater Balkans area and sales of unprocessed marble to China.
Chris Gilbert, chief executive of Fox Marble, said: "In the last year the company has refocussed its activities and I look forward to seeing the results of this and I am hopeful that we shall see the results of this in 2020 particularly in the sale of processed marble on the back of our developing customer base in the Balkans region".
Shares in Fox Marble down 3.8% at 2.31 pence each in London on Tuesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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