Fox Marble says momentum is building after first sales made

27th Mar 2014 13:52

Full year results from Balkan marble quarrier and processor Fox Marble contain the company's first sales and news that construction of a new factory in Kosovo had begun.Fox said it had extracted more than 2,000 tonnes of marble so far from its four quarries, three of which started during the past year. Sales of €0.046m were made, from initial orders from the US with operating losses rising from €1.2m to €2.2m. The net cash balance at year-end was €5.26m, which management said would be sufficient to fund capital expenditure and operating costs while sales build to a sustainable level.Chairman Andrew Allner said: "The company has made good progress in developing its operations, and, importantly, has achieved its first sales. There is considerable worldwide interest in our marble, and our order book is building."Management believe "momentum is building", having entered into an offtake agreement with construction industry stone experts Pisani, launched its product range in the UK in November, negotiated a distribution agreement in the US, and begun negotiations to form a Chinese distribution joint venture. The next twelve months will see a focus on securing production levels at the quarries and meeting sales targets.Shares in Fox fell 4% to 18p by 12:45 on Thursday. OH