Fox Marble Holdings PLC Operational Update (6014H)
August 19 2016 - 2:00AM
UK Regulatory
TIDMFOX
RNS Number : 6014H
Fox Marble Holdings PLC
19 August 2016
AIM: FOX 19 August 2016
FOX MARBLE HOLDINGS PLC
("Fox Marble" or the "Company")
OPERATIONAL UPDATE
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region, is pleased to
provide the following operational update ahead of the publication
of its Interim Results for the six months ended 30 June 2016,
expected to be announced on or before 30 September 2016.
-- The 2016 order book currently stands at EUR4.1 million,
EUR0.5 million lower than previously announced on 29 June 2016 due
to the impact of currency fluctuations on Pound Sterling orders
post the EU Referendum and a revised order from a customer included
in the order book. The Board however confirms it is beginning to
see progress not only in an increasing the order book but
conversion of the order book into sales and anticipates fulfilling
the Company's order book for the 2016 financial year.
-- Revenues for the half year are EUR0.26 million, with advances
received totalling EUR415,000. The Company's cash balance at 30
June 2016 was EUR2.69 million and follows a successful GBP2 million
placing during June 2016.
-- Factory nearing completion with two of the three eighty-blade
block processing gangsaws installed, the block yard prepared and
the two gantry cranes operational. The resin line is on route from
Italy to Kosovo for installation. As previously announced, the
power and water to supply the processing plant are already in
place. Commencement of installation of the polishing line is
anticipated during September 2016, and once installed, the factory
will be complete.
-- The factory will allow Fox Marble to make in-house processed
material available for direct sale around the world and,
importantly, give the Company access to the local Balkan market for
processed stone products.
-- Delivery has commenced under the long-term distribution
agreement entered into with Eboracum Marble Limited, a company
based in the north of England, through which a EUR2 million order
for a range of marble slabs has been received. An advance payment
on this purchase order of EUR390,000 was received in March
2016.
-- In addition to previously announced progress on distribution
arrangements, further partnership agreements are under negotiation
in the Middle East, India, the Balkans and North America, as sales
channels in these areas are being developed.
-- Blocks of commercial size and quality being extracted at the
Malesheva quarry, which contains both the Bianco Illirico white
marble and the Illirico Selene grey marble, examples of both of
which have been sold. As at July 2016, the Company has 750 tonnes
of Illirico marble in stock.
-- New bench opened at the Prilep quarry in Macedonia from which
higher grades of the white Sivec marble are being extracted and as
at July 2016, the Company has in excess of 1,000 tonnes of good
quality Sivec in stock.
Commenting on the Company's progress, CEO Chris Gilbert,
said:
"We are beginning to see progress not only in an increasing
order book, but conversion of the order book into sales and the
Board anticipates fulfilling the Company's order book for the 2016
financial year.
"In addition to positive progress on the Company's quarry
operations, the Company has made significant progress on its
factory with all the equipment on site or on route to Kosovo. The
final assembly of the polishing and resin line will remove our
reliance on processing in Carrara and enable the Company to benefit
from the improved margins."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 of the European
Parliament.
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings
plc
Chris Gilbert, Chief Tel: +44 (0) 20 7380
Executive Officer 0999
Cairn Financial Advisers
LLP (Nomad) Tel: +44 (0) 20 7148
Liam Murray 7900
Brandon Hill Capital
(Broker)
Oliver Stansfield Tel: +44 (0) 20 3463
5000
Yellow Jersey PR
Dominic Barretto Tel: +44 (0) 7768 537
739
Notes to Editors:
Fox Marble Holdings Plc is an AIM quoted natural stone
extraction Company operating in Kosovo and the Balkans region, with
headquarters in the United Kingdom.
The Company has been granted mining licences 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.
Fox Marble also has rights to extract marble from the Drini and
Malesheva quarries, both in Kosovo and from the Prilep Quarry in
Macedonia.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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August 19, 2016 02:00 ET (06:00 GMT)