20 Jan 2020 07:00
20 January 2020
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Lipjan block processing factory to double capacity due to strong demand
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that as a result of rising client demand the Company's factory at Lipjan in Kosovo has moved to two daily production shifts.
On 5 December 2019 Fox Marble announced the commencement of a new revenue stream, adding block processing for third parties to the two existing streams of (1) block sales from its Prilep quarry in North Macedonia; (2) sale of processed material from blocks of its own material quarried in Kosovo and Macedonia.
As announced on 5 December 2019, the first contract to process stone is on behalf of Inter Stone LLC was for an initial period of twelve months and is expected to generate over €1m in revenues for the Company, during the first year. This new third party block processing contract means that the factory needs to add an additional daily shift to handle the demand, given the already growing demand for its own processed materials. Further contracts for third party processing are expected to be signed in the near future. No additional capital expenditure has been required.
Chris Gilbert, CEO, commented "This doubling in capacity was demand driven and demonstrates the validity of our decision to create a new revenue stream. Fox Marble is maximising its factory capacity and increasing operating efficiency, whilst still processing its own marble for sale to our global and wider Balkan markets. The Company can look forward to 2020 with confidence and I will be updating the market shortly with further plans to increase our growth."
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 5000
Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173
Cairn Financial Advisers LLP (Nominated Adviser)
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880
Woodstock Leasor (Media) Stuart LeasorTel: +44 (0) 7703 537721
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.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.