Fox Marble Holdings PLC Pre Close Statement (2089V)
11 Décembre 2013 - 8:00AM
UK Regulatory
TIDMFOX
RNS Number : 2089V
Fox Marble Holdings PLC
11 December 2013
AIM: FOX 11(th) December 2013
FOX MARBLE HOLDINGS PLC
("Fox Marble" or the "Company")
Pre close Statement
EUR500,000 worth of marble order book
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region, would like to take
this opportunity to deliver a pre close statement to the market
ahead of its financial year end on 31(st) December 2013. Fox Marble
will release its full year results in March 2014.
Highlights
-- EUR500,000 worth of marble has been ordered with EUR100,000 invoiced
-- 200 tonnes of block marble is being shipped to be processed in Italy
-- 300 square metres of cut and polished product has been
shipped to New York for sale through the Company's distributor
-- The Company is investing a further EUR550,000 in quarrying equipment
-- Notwithstanding the above achievements the Company has chosen
to adopt a prudent approach to capital expenditure and delay
completion of the processing plant by up to six months and focus on
marble sales
As outlined earlier this year Fox Marble continues to make good
progress. Production levels are being achieved in line with
expectations and, weather permitting, the Company remains on track
to achieve its 2014 targets. As expected, the winter begins to
inhibit operations in the quarries, however blocks continue to be
shipped from the fully operational quarries in Rahovec (quarries A
and B) and Suhogerll. A total of 200 tonnes of block marble, of
various types, is being shipped to its processing yard in Carrara,
Italy for cutting and polishing for onward supply into the market
in 2014.
The Company will in early 2014 also commence production of
marble in commercial quantities in Malesheva and has now commenced
operations in Macedonia in its joint venture white Sivec marble
quarry, which is also expected to produce commercial quantities in
the spring of 2014.
Fox Marble now plans to invest a further EUR550,000 in quarrying
equipment to ensure increased levels of production are met and able
to fulfil increasing demand. This is in light of the progress made
with sales and distribution.
The launch of the Company's slab product at our partner Pisani's
showroom in London at the beginning of November was very
successful, with several of the slabs on display sold on the day.
Since then Pisani has sold more of our product through its
showroom.
Fox Marble now has an order book of some EUR500,000 worth of
marble, of which some EUR100,000 has now been invoiced. This is all
for cut and polished slabs.
Fox Marble anticipates that its order book will grow at an
increasing rate as distribution channels gear up and become more
effective and sample delivery takes place and orders are sought.
The Company is focussed on aggressive marketing of worldwide block
marble as well as for cut and polished slabs. The Company is also
seeing repeat orders from marble from its early customers.
Successful entry into the key USA market is gaining traction as a
container of 300 square metres of cut and polished marble has been
ordered and is being shipped for sale through Royalstone, the
Company's distributor in New York.
The Company's factory site is now ready for the commencement of
construction of the planned processing plant on a 10 hectare site
purchased in Lipjan just outside Pristine and some 10 minutes from
Pristine airport. Fox Marble has full planning consent to build
this plant on the levelled site. The Company had previously planned
completion by the end of March 2014 with commercial production by
the end of June 2014. This is likely now to be delayed, on current
estimates by up to six months in order to mirror the growing order
book volume more closely with the costs of completing the factory.
This allows the company to balance the risks of capital expenditure
against visibility over revenues and takes advantage of substantial
economic third party finishing capacity in Italy in a way that the
Directors believe is in accordance with the Company's robust risk
management strategy.
The Company currently has cash reserves of EUR5.7million as at
1(st) December 2013.
The Company will maintain and extend production in Carrara to
fulfil orders of cut and polished marble slabs in the meantime,
further enhancing the reputational value of the Carrara association
as part of the branding of premium marble products.
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Tel: +44 (0) 20 7380 0999
Officer
Fiona Hadfield, Chief Financial
Officer
Fox Davies Capital Limited
(Nominated Adviser and Joint
Broker)
Simon Leathers/Jonathan Evans Tel: +44 (0) 20 3463 5000
Yellow Jersey PR
Dominic Barretto Tel: +44 (0) 77 6853 7739
Kelsey Traynor Tel: +44 (0) 77 9900 3220
Notes to Editors
Fox Marble Holdings Plc is an AIM quoted natural stone
extraction and production Company operating in Kosovo and the
Balkans region, with headquarters in the United Kingdom.
The Company has been granted mining licenses in relation to six
separate marble quarries and completed a maiden JORC resource
indicating an in-situ valuation of approximately Euro 16.5 billion.
Established in 2011, Fox Marble has access to over 300 million
cubic metres of premium quality marble including white breccia and
honey yellow onyx. As announced in October 2013, it now has four
quarries in operation.
Fox Marble also has rights to extract grey marble from the Drini
quarry and cream and white grey marble from the Malesheva quarry,
both in Kosovo and white Sivec marble from the Prilep Quarry in
Macedonia. The Company has also found high quality marble, which it
believes to be equivalent to Calacatta gold, in the Suhogerll
quarry in Kosovo.
As of Q3 2013, the Company has started to make the first sales
of its high quality marble and has signed a distribution agreement
with a company in New York to service the US market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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