Fox Marble Holdings PLC – Final Results

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce its final results for the year ended 31 December 2018.

Highlights for the year ended 2018 

• Total production of 13,094 tonnes of marble at the Prilep Alpha and Maleshevë quarries (2017 – 8,811 tonnes).
• Revenue for the year of €1.4 million (2017 – €1.2 million) with further advances of €0.3 million for future sales.  5,059 tonnes of block material sold in 2018 (2017 – 4,641 tonnes), together and over 7,000 sqm of processed material sold (2017 – 5,000 sqm). 
• Operating loss for the year of €2.5 million (2017 – €2.9 million).  Loss for the year of €2.3 million (2017 – €3.4 million). 
• Acquisition of Gulf Marble Investments Limited for €1.8 million funded by the issuance of a convertible loan note. Through the acquisition Fox Marble has effectively obtained direct control over the quarry licence, acquired previously leased quarry equipment, and eliminated the royalty of 40% of gross revenue over the Prilep Alpha quarry payable to Gulf Marble Investments Limited under the original operating agreement.

Highlights year to date 2019

• Sales to 30 April 2019 of €515k (30 April 2018 – €76k) reflect a strong start to the year, given the winter shutdown of the quarries which generally results in very slow sales in the first few months of the year.
• Production in the four months to 30 April 2019 of 5,940 tonnes (2018 2,147 tonnes).  This significant increase in production over this period is a reflection of capital investment made in the quarries to date.  
• The Company has entered into an important new contract to provide the stone to construct a temple in the United Arab Emirates.  Fox Marble will provide most of the stone for the interior of the building.  An initial deposit of $100k has been paid, and the total value of the contract over the next two years is expected to be in the region of $2.4 million. 
• Capital investment of €550k has been made in the Prilep Alpha quarry, to drive  increased levels of production and to support the delivery of material under the new temple contract.
• On 4 April 2019, the Company announced the conditional acquisition of Green Power Sh.p.k and Scope Sh.p.k for a total consideration of 16,000,000 shares in the Company. These acquisitions will give Fox Marble the direct rights to the Maleshevë quarry in their entirety, eliminate the annual royalty which would have been due under the operating agreement, and reduce monthly outgoings for equipment and maintenance at the factory.

The Annual Report and Accounts for the year ended 31 December 2018 together with the Notice of Annual General Meeting and the associated form of proxy was posted to shareholders on the 4 June 2019.  

The Annual Report, the Notice and related documents are available on Fox Marble’s website and can be downloaded from: www.foxmarble.net/investors.

The AGM will be held at 11.00am on 26 June 2019 at CMS Cameron McKenna Nabarro Olswang LLP, Cannon Place, 78 Cannon Street, London, EC4N 6AF.