Fox Marble Holdings PLC Lipjan block processing factory (2430A)
20 Janvier 2020 - 8:00AM
UK Regulatory
TIDMFOX
RNS Number : 2430A
Fox Marble Holdings PLC
20 January 2020
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 EUR1m 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 Leasor
Tel: +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
identi ed 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 re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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