logo-loader

Fox Marble gaining traction with its marketing

Published: 07:35 02 Jun 2016 BST

Fox Marble.
Fox Marble's attendance as an exhibitor at the Veronafiere, the international trade fair for stone, design and technology, was well received

Marble quarrying firm Fox Marble Holdings PLC (LON:FOX) has already surpassed its 2015 sales figure in the year to date.

Year-to-date sales recognised at 1 June totalled €0.25mln, which is ahead of the €0.23mln of sales – up from €0.15mln in 2014 – recorded in 2015.

The order book stood at €3.9mln, the Kosovo and Balkans-focused company revealed.

Fox marble made an operating loss of €2.51mln in 2015, compared to a loss of €2.12mln the year before. The loss before tax widened to €3.03mln from €2.33mln in 2014, reflecting the cost of bringing the quarries to a stage required for production of more consistent and larger block sizes, plus money spent on increased marketing activity.

The company also suffered delays to the construction of its factory, the completion of which will do wonders for its margins. The company said completion of the factory is expected this summer, as all major equipment is either in place or ready for installation.

“Progress at the factory site brings the company closer to self-sufficiency and to a key stage in its development, with completion entailing increased margins and direct sales opportunities across multiple distribution networks, including the Balkans locally,” said Chris Gilbert, chief executive of Fox Marble.

Chairman Andrew Allner admitted the company had been over-optimistic in the past about forecasting deliveries against its order book, but with the company having recently conditionally raised £2mln through a share issue, the marble producer is well-placed to hit the accelerator pedal.

“Our recent £2m fund-raise provides the financial resources with which to fully develop our global supply network, where we look to satisfy demand in the Middle East, North America, India, the Balkans and UK, a process expedited by our strengthening position on site in Kosovo and our targeted marketing campaign,” said Gilbert.

The company now has four quarries in operation at Cervenilla, Syrigane and Malesheva in Kosovo and Prilep in Macedonia, producing nine varieties of stone.

In all, 10,700 tonnes of marble were extracted during 2015, down from 14,188 tonnes in 2014. Average recorded selling price per tonne rose to €357 from €340 in 2014.

The group has six further quarries under licence or operating agreements, and expects production levels in all of its quarries to increase.

As awareness of the Fox Marble brand increases, the company expects revenue will continue to increase, and it is already seeing evidence of this in key marketplaces throughout the world.

“Success with our on-going marketing and strategic relationship building programme makes us confident of achieving sustainable income from a diverse, global range of customers for both our block and slab products,” the company said.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

2 hours, 52 minutes ago