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 2020.
Highlights for the year ended 2020
• During the year the Group signed a number of significant new contracts to supply marble to large scale municipal and private projects in Kosovo. These included projects to supply stone to Suhareka and Podujeva town centres, as well as contracts to provide stone to large scale building projects such as C&C apartments. These projects are expected to be completed over 2021 and 2022.
• Significant increase in factory processing rates with 29,737 square metres of slabs processed (2019 - 10,349 square metres) and over 24,000 square metres of tile and cut to size material processed (2019 - 8,882 square metres).
• Total production of 6,060 tonnes of marble at the Prilep Alpha and Cervenillë quarries (2019 - 14,370 tonnes) following stoppages due to COVID-19. Production was restarted in September 2020 in Cervenillë quarry due to demand for Grigio Argento material for the processed marble contracts.
• Revenue for the year of €0.7 million (2019 - €1.4 million). Revenue from the sale of processed marble increased 224% to €0.6 million (2019 €0.1 million) driven by a number of large-scale contracts signed for projects in Kosovo. Revenue from the sale of block marble fell 87% to €0.1 million from €1.2 million as a result of the impact of the COVID-19 pandemic on the marble market.
• Operating loss for the year of €2.6 million (2019 - loss of €2.3 million). Loss for the year of €2.8 million (2019 - loss of €2.5 million). Adjusted LBITDA of €1.4 million (2019 - LBITDA of €1.6 million).
• In June 2020, the Company completed a placing raising £0.8m before expenses to provide working capital in the face of the unfolding COVID-19 pandemic. Furthermore, in June 2020 the Company reached agreement with the holders of £2.1 million of its CULNs. Under this agreement the Company has replaced the eight existing series of CULNs with a new single class of cumulative unsecured loan notes ("CULN") which have a maturity date of 1 December 2026 and are convertible at any date from 1 June 2020 at a conversion price of 5 pence per share. The interest rate of the new CULN is 2% per annum payable half yearly on 1 June and 1 December. The Company continues to carefully manage its working capital.
Highlights year to date 2021
• Contract signed for the next stage of the Podujeva project, and a new project in Kamenice and Mitrovice. The Company now has contracts in place to supply €1.6 million of processed material within Kosovo during 2021 and 2022.
• Appointment of Dentons Europe CS LLP and Samuel Wordsworth QC and funding secured to bring the €195 million arbitration case against the Republic of Kosovo to its conclusion.
Chris Gilbert, CEO, commented "As we emerge into a post-Covid world we face the future with optimism. We enjoy a strategic market position in a $20 billion global industry. The Company has an impressive marble quarrying and processing business with long term mineral rights to a number of quarries with significant reserves of desirable and attractive marble. We are vertically integrated, which is very unusual in the global marble market, meaning we can deliver block marble as well as higher margin processed marble. Along with low labour costs this makes us extremely competitive. We face the future with renewed confidence."
The Annual Report and Accounts for the year ended 31 December 2020 together with the Notice of Annual General Meeting ("AGM") and the associated form of proxy have been posted to shareholders.