9 Mar 2022 07:00
9 March 2022
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Update on processed marble
Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region is pleased to announce that it has signed a contract to supply BA Engineering & Consulting Sh.p.K ("BA Engineering") with an initial 8,000 square metres of cut and polished tiles for an approximate value of €200,000. Fox Marble will process blocks from its quarries through its 100% owned processing facility, with first deliveries expected to take place in March 2022, with the full value of the contract expected to be recognised in the current financial year.
BA Engineering is a local Kosovan construction company with multiple developments in Kosovo. Given BA Engineering is also engaged in developing a number of large prestigious projects in Kosovo, the Company believes this will be the first of a series of orders that BA Engineering will place.
In addition, the Company has signed a non-binding agreement to supply Unik Construction LLC with up to 30,000 square metres of material for ongoing projects they are planning across Europe. The Company expects the first orders under this agreement in Q2 2022. There are no minimum order levels associated with the agreement.
Chris Gilbert, CEO, commented "These contracts to supply cut and polished tiles reaffirms our position as a leading provider of dimension stone within Kosovo. We look forward to working with BA Engineering and Unik going forward and establishing an ongoing relationship.
"With the winter now behind us, we are once again able to access our quarries and recommence extracting block marble. This will not only enable us to meet existing orders of cut and polished stone, but also enable us to capitalise on the increased interest we are seeing for block marble purchases following the COVID-19 pandemic.
"Following our capital raise in December 2021, we are purchasing additional machinery. With this expanded capacity in place, we will look to complete on additional contracts for cut and polished stone."
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU exit) Regulations 2019/310. The Directors of the Company take responsibility for this announcement.
For more information on Fox Marble please visit www.foxmarble.net or contact:
Fox Marble Holdings plc |
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Chris Gilbert, Chief Executive Officer | Tel: +44 (0) 20 7380 0999 |
Fiona Hadfield, Finance Director | Tel: +44 (0) 20 7380 0999 |
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Tavira Securities (Joint Broker) |
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Oliver Stansfield Allenby Capital (Joint Broker) Amrit Nihal/Nick Naylor | Tel: +44 (0) 20 3192 1739
Tel: +44 (0) 20 3394 2973 |
Cairn Financial Advisers LLP (Nomad) |
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Liam Murray / Sandy Jamieson | Tel: +44 (0) 20 7213 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, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales 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's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.
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.