Fox Marble Holdings PLC Strategy Update (8247D)
24 Février 2020 - 8:00AM
UK Regulatory
TIDMFOX
RNS Number : 8247D
Fox Marble Holdings PLC
24 February 2020
24 February 2020
Fox Marble Holdings plc
("Fox" or the "Company")
Strategy Update
Following on from the successful fund raising in December 2019
and building on the non-board appointment of an experienced
executive team and new sales force, the Company provides the
following update on its strategy.
The Company will focus on three legs of strategy over the short
to medium term:-
-- Factory sales of processed marble with a focus on growth in
sales within Kosovo and the greater Balkans area;
-- Block sales to China and other large block markets; and
-- Growing our marble reserves base and opening new quarries in Kosovo.
Factory sales of processed marble to Kosovo and the greater
Balkans area
On the back of increased factory operating efficiency and
capacity, the new sales team is delivering increased sales of
processed marble driven by a targeted focus on the Kosovo domestic
market, as well as entering into long term contracts to process
marble for third parties. The target for 2020 is to continue to
increase factory capacity and to grow that year on year over the
medium term in line with increased demand in Kosovo and the greater
Balkans region. This will be achieved through a combination of
increasing shift patterns, continued improvements in operating
efficiency and the selective addition of capital efficient factory
machinery.
The formal opening of the Company's new showroom and office in
Pristina in April 2020 is a demonstration of Fox's confidence in
the market growth potential of the region, both for its own
processed products as well as providing cutting services to third
parties.
Block sales to China & other markets
Initially block sales globally will be driven by Fox's Prilep
quarry in Macedonia which has significant reserves potential of
premium quality Alexandria White and Alexandria Blue marble.
The target for 2020 will be to increase marble production by up
to 50% compared to 2019 during the year with minimum capital
investment. Thereafter, the plan will be to deliver year on year
production growth in line with anticipated increased demand for the
products over the medium term. Significant reserves growth
potentially exists in the quarry with expansion within the
concessions licensed to Fox Marble.
The new sales team has generated increased interest in the
products, and discussions with large natural stone companies are
ongoing to supply blocks for their project portfolios.
Growing marble reserves base and the opening of new quarries in
Kosovo
The foundation of a successful and growing natural stone company
is its reserves base. Fox's strategy is to seek to grow this over
the medium term, finding and aiming to open on average at least one
new quarry a year in opportunity rich Kosovo. For 2020, two new
potential quarries have been identified and commercial discussions
are already underway with one licence holder with the aim of
opening a new premium quality marble quarry by the second half of
2020, subject to successful drilling of the resource. This will
provide the opportunity to increase both block sales and processed
marble from the factory from the end of 2020 onwards.
With a strong executive team in place, a new and growing sales
force and improved strategy, business planning and performance
management being implemented, the Fox Board is optimistic for the
future growth potential for the business.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For more information on Fox Marble Holdings plc 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
Optiva Securities (Joint Broker) 5000
Christian Dennis/Jeremy King Tel:+44 (0) 20 3137
1902
Cairn Financial Advisers LLP (Nomad)
Liam Murray/Sandy Jamieson Tel: +44 (0) 20 7213
Ludovico Lazzaretti 0880
Notes to Editors:
Fox Marble Holdings plc ( 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
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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