RNS - results27 Mar 2014 07:06
RNS Number : 2942D
Fox Marble Holdings PLC
27 March 2014

AIM: FOX
27 March 2014
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Preliminary Results for the year ended 31 December 2013
Introduction
Fox Marble Holdings plc, the marble company focused on the extraction and processing of dimensional stone from quarries in Kosovo and South East Europe, is pleased to announce the preliminary results for the year ended 31 December 2013. Fox Marble also announces today in a separate announcement the commencement of constructing its processing factory in Lipjan, Kosovo.
Established in 2011, Fox Marble has acquired rights over 300 million cubic metres of a range of premium quality marble. Fox Marble is the first UK quoted company investing and operating primarily in Kosovo, and the first to be producing and marketing high quality marble from the region. Fox Marble's long term aim is to expand its portfolio of quarries and production capacity, and to create a premium marble brand through which Kosovo is established as a major centre of marble production.
Operational Highlights
· Commenced operations at four quarries, with over 2000 tonnes of marble extracted to date;
· Entered into an offtake agreement with Pisani Plc, and launched the Company's product to the UK market in November 2013;
· Achieved first sales and continue to build an order book for the coming year with opportunities in the USA, China, Greece and the Middle East; and
· Since the year end, the Company purchased a factory building and commenced work erecting it on site in Lipjan, near Pristina.
Financial Summary
· Operating loss for the year to 31 December 2013 of €2.17m (2012: €1.23m), net loss of €2.57m (2012: €7.44m) due to costs incurred in bringing the quarries up to full production.
· Net cash position at 31 December 2013 of €5.26m (2012: €7.14m).
Andrew Allner, Non-executive Chairman, said "The Company has made good progress in developing its operations, and, importantly, has achieved its first sales. There is considerable worldwide interest in our marble, and our order book is building. I believe 2014 will be a critical year and I look forward to updating shareholders as we progress."
For further information please visit www.foxmarble.net.
Enquiries:
Fox Marble Holdings plc
Christopher Gilbert, Chief Executive Officer
Fiona Hadfield, Chief Financial Officer
Tel: +44 (0) 20 7380 0999
Fox Davies Capital Limited (Nomad and Broker)
Simon Leathers
Daniel Fox-Davies
Tel: +44 (0) 20 3463 5000
Yellow Jersey PR
Dominic Baretto
Kelsey Traynor
Tel: +44 (0) 77 6853 7739
Tel: +44 (0) 77 9900 3220
Chairman's statement
Dear Shareholder,
I am pleased to report that your Company has made good progress over the last year. We now have commended operations at four quarries.