Contract Update

Fox Marble Holdings plc
("Fox Marble" or the "Company")

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region is pleased to announce that it has commenced processing the contract announced on 14 April 2020 to supply up to 20,000 square metres of paving for Suhareka town square, Kosovo.  Fox Marble is now processing the paving slabs in order to supply its material in time for its customer to start the installation as soon as the current lockdown provisions in Kosovo are eased.

The material for this contract will be supplied from Fox Marble’s factory in Kosovo, with the first 8,000 square metres to be delivered by 30 September 2020.  The stone will be processed from existing blocks of Grigio Argento, Flora and Alexandrian white, already extracted and awaiting processing.

Material already specified and contracted under the first two stages of the project has a total value in excess of €400,000 and, once all 20,000 square metres has been supplied, the project is expected to be worth in excess of €750,000. 

Chris Gilbert, CEO, commented

“This contract to supply a local municipality to pave a large open public space confirms Fox Marble’s position as a leading provider of dimension stone within Kosovo and the Balkans wider region.  Our factory is able to proceed with this order as a designated industrial facility and we anticipate further similar sales in the near future.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis/Jeremy King
Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP  (Nomad)  
Liam Murray/ Sandy Jamieson 
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White
and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products
as the stone of choice in some of the most prestigious and expensive residential developments around the world.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

New Contract

Fox Marble Holdings plc
("Fox Marble" or the "Company")

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region is pleased to announce that it has been awarded a contract to supply up to 20,000 sq metres of paving to a local municipality for the town square in the town of Suhareka in Kosovo. Fox Marble has been selected to supply its material after a competitive tender process as is usual for local authority contracts.

This stone is to be supplied from Fox Marble’s factory in Kosovo over the course of a year with the first 8,000 square metres to be delivered by September 2020.  The stone will be processed from existing blocks of Grigio Argento, Flora and Alexandrian White already extracted and awaiting processing.

Material already specified and contracted under the first two stages of the project has a total value in excess of €400,000, and once all 20,000 square metres has been supplied is the project is expected to be worth in excess of €750,000.

As a result of the lockdown in place in Kosovo due to the Coronavirus, the supply of the material will be delayed until the local contractor installing the paving is allowed to resume work on this municipal project. However Fox Marble anticipates that work will resume on this project by the end of Q3 2020.

Chris Gilbert, CEO, commented

“This contract to supply a local municipality to pave a large open public space confirms Fox Marble’s position as a leading provider of dimension stone within Kosovo and is a testament to the efficiency of the factory and the quality of locally sourced marble for such a prestigious project.  Our factory which as a designated industry is able to continue to operate to meet demand.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis/Jeremy King
Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP  (Nomad)
Liam Murray / Sandy Jamieson
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Covid-19 Update

Fox Marble Holdings plc
("Fox Marble" or the "Company")

The spread of Coronavirus (COVID-19) continues to have a significant impact across industries worldwide, including the marble extraction and processing market,  given the international travel and working restrictions now in place in many countries.

The Board’s highest priority is the continued wellbeing of its employees, customers and stakeholders both in the UK and Kosovo.  Given the continued uncertainty on the potential impact and duration of the COVID-19 pandemic, the Board has now taken preemptive steps not only to ensure the well-being of those affected, but also to best position the Company for future operations.  

Kosovo Operations

In line with many other nations, Kosovo has introduced a number of measures to try and curb the further spread of COVID-19, including travel restrictions, school closures and closures of non-essential shops and venues. All flights into Kosovo have been cancelled since 16 March 2020, whilst land borders are also closed to non-Kosovo citizens. On 23 March 2020 all private businesses, apart from of some designated sectors, were also ordered to close.  

Under the current legislation Fox Marble’s operations are permitted to continue, as it falls within a designated sector. The Company will continue to operate the factory, though it will scale back operations to specific projects.  This will allow the implementation of extra distancing procedures to protect our workforce, as well as to take into account the impact of COVID-19 on the Company’s customers.  Existing and committed projects will be completed, though timelines will be closely managed in co-ordination with our clients.  The level of operations at the factory will be assessed every two weeks.

Fox Marble’s factory has, over the first quarter of this year, developed a strong order book of projects for the local Kosovan market and we hope to return to a higher rate of production as soon as conditions permit. 

Macedonia Operations
In the operating update released on 10 March 2020 the Company noted the impact of the COVID-19 on the sale of block marble.  Demand has fallen as a result of travel restrictions placed on China, the principal buyers of the Company’s block marble, since January 2020.  The spread of the virus into Europe and the resulting impact on cross border travel and trade has magnified this effect. The Company has elected to significantly scale back production at the quarry in order to keep operational cash flow neutral until the international block marble market returns to normality. The Company is well positioned to ramp up operations as and when it is feasible to do so.

The Board will continue to closely monitor the situation and working capital will continue to be tightly managed. Whilst operations are temporarily suspended, the Company will seek to eliminate all unnecessary expenditure and the Board will not take any salary or fees until operations resume.  Head Office staff in London are on government furlough, as we work to retain our hard working and committed team.

Chris Gilbert, CEO, commented

“Our focus during the rapidly evolving situations is the wellbeing of our workforce, customers and stakeholders.  During this time of heightened uncertainty, we are strictly managing our cash flow.  We hope to be able to resume full operations in both the factory and quarries soon and resume the projects within our order book.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For more information on Fox Marble please visit www.foxmarble.net or contact:  

Fox Marble Holdings plc   
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director 
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel:+44 (0) 20 3137 1902
 
Cairn Financial Advisers LLP (Nomad)
Liam Murray /  Sandy Jamieson / Ludovico Lazzaretti 
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox Marble’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions.
These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

Operating Update

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Highlights

·         Sales for the year ended 31 December 2019 of €1.4 million, (2018 - €1.4 million)

·         Production for the year ended 31 December 2019 of 14,515 tonnes (2018 – 12,561 tonnes) with production in Prilep of 11,547 tonnes (2018 – 5,803 tonnes)

·         Fundraising completed raising £0.7 million in December 2019

Operating 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 preliminary results for year ended 31 December 2019 which are anticipated to be notified in May 2020.

Sales

Sales for the year ended 2019 were €1.4 million.  The fall in block sales of Illirico Selene following the closure of operations in Maleshevë was offset by increased block sales from the Prilep quarry in Macedonia.  Sales from the factory increased significantly in the final quarter of the year, outpacing the previous three quarters, following the appointment of new factory manager and non-board COO, and we expect this trend to continue into 2020.  Sales of processed marble are expected to form an increasing proportion of sales from 2020 onwards.

The opening of the Company's new showroom in Pristina is a demonstration of Fox Marble's confidence in the market growth potential of the region, both for its own processed products as well as providing cutting and polishing services to third parties.

The Company’s strategic focus for sales over 2020 will be:

·         Factory sales of processed marble to Kosovo and the greater Balkans area

·         Block sales to China and other markets, driven by Fox Marble's Prilep quarry in Macedonia which has significant reserves potential of premium quality Alexandria White and Alexandria Blue marble.

The Coronavirus (COVID-19) outbreak will have an impact on block sales throughout the marble industry, as a result of the prominence of China as a buyer of unprocessed marble and the travel restrictions imposed since the start of the year.  We continue to monitor the situation.

The Company continues to tightly manage its working capital.

Quarry Production

The quarry in Prilep in Macedonia, which produces Alexandrian White and Alexandrian Blue marble, has seen production nearly double in the 2019 financial period compared to 2018, a product of both the investment in new machinery at the start of 2019 and the new quarry team installed at the end of 2018.  Production has effectively doubled two years in a row at the quarry (2017 production – 2,285 tonnes) and further growth is expected in the 2020.  The target for 2020 will be to increase marble production by up to 50% compared to 2019 during the year with minimum capital investment.

The Cervenillë and Syrigane quarries in Kosovo – sources respectively of our Argento Grigio, Rosso Cait and Breccia marbles are open, with machinery on site and ready for deployment.  At present quarry teams are not on site, as the Company has a significant reserve of material in stock, however the quarries can be staffed at short notice.  This allows the Company to preserve working capital, whilst using existing stock reserves to provide material for sale from the factory.

Quarry production at the Maleshevë quarry in Kosovo was stopped in July 2019 a result of the ongoing dispute with Green Power Sh.p.k..  The Company has filed civil claims in Kosovo against Green Power Sh.pk for breach of contract and damages, in addition to the wider Arbitration case launched against the Government of Kosovo, as announced in September 2019.

The foundation of a successful and growing natural stone company is its reserves base.  Fox Marble's strategy is to seek to grow its reserves over the medium term, and is actively screening opportunities.  This will provide the opportunity to increase both block sales and processed marble from the factory from the end of 2020 onwards.

Factory

Fox Marble’s processing facility is a 5,400 square metre double skinned steel factory for the cutting and processing of blocks into polished slabs and tiles which was erected on a 10-hectare site that the Company acquired in Lipjan in 2013, close to Pristina airport in Kosovo.  The new factory manager Secondino de Costas, under the direction of our new COO Francisco Espinosa has implemented new processes and improved operations across the factory site.

As announced on 5 December 2019 and 17 February 2020, the Company entered into three new contracts to process material for third parties at the factory. These agreements represent a new revenue stream for the Company, whereby it provides marble cutting and polishing services to other companies quarrying in the wider Balkan region. These agreements have allowed Fox Marble to expand capacity at the factory whilst maximising operating efficiencies and continuing to process its own material for sale.

On the back of increased factory operating efficiency and capacity, the new sales team is delivering increased sales of processed marble driven by a targeted focus on the Kosovo domestic market, as well as entering into long term contracts to process marble for third parties.

Dispute and Arbitration Claim

On 4 September 2019 Fox Marble launched United National Commission on International Trade Law (UNCITRAL) arbitration proceedings, against the Republic of Kosovo for damages in excess of €195 million, as a result of the failure of the State to protect Fox Marble’s rights over the Maleshevë quarry.

The Company believes the Kosovan Government to be in breach of its responsibilities towards the Company as a foreign investor in Kosovo and that this action is in the best interests of its shareholders and employees.

The Company is represented by its legal advisers, Stephenson Harwood LLP, as well as its Kosovan lawyers.

Chris Gilbert, CEO, commented

“In the last year the Company has re focussed its activities and l look forward to seeing the results of this and I am hopeful that we shall see the results of this in 2020 particularly in the sale of processed marble on the back of our developing customer base in the Balkans region. The hard work that our enhanced management team is undertaking will show results this year.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox Marble’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

Strategy Update

Fox Marble Holdings plc
(“Fox” or the “Company”)

Following on from the successful fund raising in December 2019 and building on the non-board appointment of an experienced executive team and new sales force, the Company provides the following update on its strategy.

The Company will focus on three legs of strategy over the short to medium term:-

·         Factory sales of processed marble with a focus on growth in sales within Kosovo and the greater Balkans area;

·         Block sales to China and other large block markets; and

·         Growing our marble reserves base and opening new quarries in Kosovo.

Factory sales of processed marble to Kosovo and the greater Balkans area

On the back of increased factory operating efficiency and capacity, the new sales team is delivering increased sales of processed marble driven by a targeted focus on the the Kosovo domestic market, as well as entering into long term contracts to process marble for third parties . The target for 2020 is to continue to increase factory capacity and to grow that year on year over the medium term in line with increased demand in Kosovo and the greater Balkans region. This will be achieved through a combination of increasing shift patterns, continued improvements in operating efficiency and the selective addition of capital efficient factory machinery.

The formal opening of the Company's new showroom and office in Pristina in April 2020 is a demonstration of Fox's confidence in the market growth potential of the region, both for its own processed products as well as providing cutting services to third parties.

Block sales to China & other markets

Initially block sales globally will be driven by Fox's Prilep quarry in Macedonia which has significant reserves potential of premium quality Alexandria White and Alexandria Blue marble.

The target for 2020 will be to increase marble production by up to 50% compared to 2019 during the year with minimum capital investment.  Thereafter, the plan will be to deliver year on year production growth in line with anticipated increased demand for the products over the medium term. Significant reserves growth potentially exists in the quarry with expansion within the  concessions licensed to Fox Marble.

The new sales team has generated increased interest in the products, and discussions with large natural stone companies are ongoing to supply blocks for their project portfolios.

Growing marble reserves base and the opening of new quarries in Kosovo

The foundation of a successful and growing natural stone company is its reserves base. Fox's strategy is to seek to grow this over the medium term, finding and aiming to open on average at least one new quarry a year in opportunity rich Kosovo. For 2020, two new potential quarries have been identified and commercial discussions are already underway with one licence holder with the aim of opening a new premium quality marble quarry by the second half of 2020, subject to successful drilling of the resource. This will provide the opportunity to increase both block sales and processed marble from the factory from the end of 2020 onwards.

With a strong executive team in place, a new and growing sales force and improved strategy, business planning and performance management being implemented, the Fox Board is optimistic for the future growth potential for the business.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For more information on Fox Marble Holdings plc please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis/Jeremy King
Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble Holdings plc (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

New processing agreements signed

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce that it is has signed two new agreements for the processing of third-party blocks with Egzoni Sh.p.k (“Egzoni”) and Skifteri Sh.p.k (“Skifteri”).

Under these new agreements, Fox Marble will process stone on behalf of Egzoni and Skifteri at the Company’s factory at Lipjan in Kosovo.  The agreements are for two years with an expected volume of 325 tons per month, generating approximately €300,000 per year in expected revenues.

These agreements represent further development of this new revenue stream for the Company, whereby Fox Marble provides marble cutting and polishing services to other companies quarrying in the wider Balkan region. These agreements have allowed Fox Marble to expand capacity at the factory whilst maximising operating efficiencies and continuing to process Fox Marble’s own material for sale.  Fox Marble’s ability to enter into such agreements has been driven by the adoption of a new flexible multi-shift system and is part of an overall factory improvement programme achieved since the recent non-Board appointments of Francisco Espinosa (COO and Head of Sales) and Secundino Costas da Villa (Technical Factory Manager).

Chris Gilbert, CEO, commented

“These new agreements demonstrate the validity of the decision to introduce this new revenue stream. It allows Fox Marble to utilise more of its factory capacity and increase operating efficiency, whilst still processing its own marble for sale globally as well as in the wider Balkan market. We look forward to our ongoing partnership with Skifteri and Ezgoni.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis/Jeremy King
Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson
Tel: +44 (0) 20 7213 0880

Woodstock Leasor (Media)
Stuart Leasor
Tel: +44 (0) 7703 537721 

Notes to Editors

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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Fox Marble signs new agreement for sale of processed marble

(“Fox Marble” or the “Company”)
Fox Marble Holdings plc

Fox Marble, the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region announces that it has entered into an agreement with EBA Sh.p.K with the intention to provide processed marble in the form of tiles, stair treads and window lintels. 

EBA Sh.p.K is a local architect and construction firm based in Kosovo, and the products are destined for use in construction projects within Kosovo. The material selected for these items is Flora, Alexandrian White and Illirico Bianco. 

The stone will be processed at Fox Marble’s Lipjan factory, from existing blocks of Illirico Bianco, Flora and Alexandrian White. The agreement has no minimum order value, but pricing is based on a minimum volume of 2,000 square metres, which the Company expects to supply over the course of this financial year.

Chris Gilbert, CEO, commented

“This agreement confirms Fox’s position as a trusted provider of processed marble within Kosovo and is a testament to the ability of our factory in Lipjan to supply not only marble slabs, but bespoke finished products for installation directly into building projects.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer  
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999 

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis/Jeremy King
Tel:+44 (0) 20 3137 1902

Cairn Financial Advisers LLP (Nomad)
Liam Murray/Sandy Jamieson 
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products, which includes Alexandrian Blue, Alexandrian White, Breccia Paradisea, Etruscan gold and Grigio Argento and are gaining sales globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'',
"should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

TR 1 Notification of major interest in shares

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TR 1 Notification of major interest in shares

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Lipjan block processing factory to double capacity due to strong demand

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that as a result of rising client demand the Company’s factory at Lipjan in Kosovo has moved to two daily production shifts.

On 5 December 2019 Fox Marble announced the commencement of a new revenue stream, adding block processing for third parties to the two existing streams of (1) block sales from its Prilep quarry in North Macedonia; (2) sale of processed material from blocks of its own material quarried in Kosovo and Macedonia.

As announced on 5 December 2019, the first contract to process stone is on behalf of Inter Stone LLC was for an initial period of twelve months and is expected to generate over €1m in revenues for the Company, during the first year. This new third party block processing contract means that the factory needs to add an additional daily shift to handle the demand, given the already growing demand for its own processed materials. Further contracts for third party processing are expected to be signed in the near future. No additional capital expenditure has been required.

Chris Gilbert, CEO, commented

“This doubling in capacity was demand driven and demonstrates the validity of our decision to create a new revenue stream. Fox Marble is maximising its factory capacity and increasing operating efficiency, whilst still processing its own marble for sale to our global and wider Balkan markets. The Company can look forward to 2020 with confidence and I will be updating the market shortly with further plans to increase our growth.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999 

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

Cairn Financial Advisers LLP (Nominated Adviser)  
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880

Woodstock Leasor (Media)
Stuart Leasor
Tel: +44 (0) 7703 537721 

Notes to Editors

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties.

In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox Marble’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox Marble is capitalising on this growth internationally.

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New Showroom & Office in Pristine to support anticipated Sales Growth

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce that in January 2020 it will be opening a new large showroom and office in Pristina, Kosovo in which to showcase its materials in a professional and attractive environment. This will allow its material to be displayed in large format slab form under proper controlled lighting to present the stone under the best conditions. This initiative is expected to help generate increased levels of sales.

Fox Marble is experiencing a developing local market for its processed material and range of products from cut and polished tiles to stair pieces, door and window lintels to slabs, supporting increased production at the factory.

This will help underpin the 3-year factory expansion plan currently being developed by the recently appointed COO/GM Sales, in conjunction with the anticipated increased demand being generated by a new sales team both domestically and internationally.

It is expected that there is a sufficient stock of block material at Fox Marble’s Kosovo quarry sites to supply the factory for 18 – 24 months, without further quarrying there, in conjunction with the ongoing production growth from its quarry in Prilep, Macedonia.

Chris Gilbert, CEO, commented

“I am pleased this new facility has been opened, which is a demonstration of our confidence in the growth potential of the business, and I expect this to help drive continued sales growth over the coming months and the medium term. I look forward to updating the market on forward strategy in the new year.”

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties.

In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

Commencement of New Revenue Stream

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce that it is has signed its first contract for the processing of third party blocks, which represents an additional revenue stream for the Company.

Fox Marble now has three principal sources of revenue from three separate activities, those of block sales from its Prilep quarry in North Macedonia; sale of processed material from blocks of its own material quarried in Kosovo and Macedonia and block processing for third parties.

Under this new third-party agreement, Fox Marble will process stone on behalf of Inter Stone LLC at the Company’s factory at Lipjan in Kosovo.  The contract is for twelve months and it is expected that Fox Marble will continue to process blocks of material each month.  The blocks due to be processed within the first monthly batch of material have been delivered to the factory site and production has begun. The first order under this contract, expected to be fulfilled in December 2019, will generate around €100k in revenues for the Company.  The level of production will be up to a maximum of 1,000 tons per month, depending on the capacity that Fox Marble requires for its production of its own material.  

This arrangement will allow Fox Marble to expand capacity at the factory, driving performance improvements, whilst maximising operating efficiencies. 

This optimisation performance and efficiency comes in part from the adoption of a new flexible multi-shift system and is part of an overall factory improvement programme achieved since the recent appointments of Francisco Espinosa (COO and Head of Sales) and Secundino Costas da Villa (Technical Factory Manager),who bring with them a wealth of natural stone experience.

Working capital continues to be carefully managed as we implement our plans for growth.

Chris Gilbert, CEO, commented

“This new revenue stream will allow Fox Marble to utilise more of its factory capacity and increase operating efficiency, whilst still processing its own marble for sale globally as well as in the wider Balkan market. We look forward to our ongoing partnership with Inter Stone LLC. I look forward to updating the market in the New Year on our strategy and future growth plans.”

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

Cairn Financial Advisers LLP (Nominated Adviser)
Liam Murray / Sandy Jamieson / Ludovico Lazzaretti
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties.

In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox Marble’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox Marble is capitalising on this growth internationally.

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Change of Registered Office

30 October 2019

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region is pleased to announce that as of today its registered office will move to 160 Camden High Street, London, NW1 0NE.

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties.

In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

Interim Results for the six months ended 30 June 2019

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Appointment of COO

Fox Marble Holdings plc
(“Fox Marble” or the “Company”)

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce the appointment of Francisco Espinosa to the role of Chief Operating Officer to the Company in a non-Board capacity, with effect from the 1 October 2019. His role will be the executive management of all the operations of Fox Marble with specific emphasis on sales as Head of Sales worldwide, as well as the operational efficiency of the quarries and the factory.

Francisco has already visited the quarrying operations in Kosovo and Macedonia and spent time in the factory identifying areas of improvement. He is preparing a thorough strategic review in conjunction with Fox Marble’s recently appointed Senior Advisor, Don Nicolson.

Francisco has worked for Levantina Y Asociados de Minerales S.A.U., one of the largest stone companies in the world for 12 years, rising to the level of Chief Operating Officer.  Founded in 1959 and based in Spain, Levantina provides the much-famed crema marfil and emperador marble in over 100 countries around the world. In this role, Paco was responsible for 600 employees and accountable for seven factories (Marble, granite and ceramic).  He also holds an MBA from the European School of Business in Madrid. He has in previous times worked for Caterpillar, ITT Industries and ENEBE Sport Group.

Chris Gilbert, CEO, commented

“Along with the appointment of Don Nicolson, Fox Marble is fortunate to have recruited Francisco to the role of COO thus rounding out the appointment of new members of the senior management team which will build on the achievements to date as the Company moves into a more mature phase in its development. The Company will benefit from his experience and expertise to develop and support its ambitions going forward and provide the resource to accomplish this.”

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc  
Chris Gilbert, Chief Executive Officer
Fiona Hadfield, Finance Director
Tel: +44 (0) 20 7380 0999

Brandon Hill Capital (Joint Broker)
Oliver Stansfield
Tel: +44 (0) 20 3463 5000

Optiva Securities (Joint Broker)
Christian Dennis / Jeremy King
Tel: +44 (0) 20 3981 4173

Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson
Tel: +44 (0) 20 7213 0880

Notes to Editors

Fox Marble (AIM:FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.  

Its marble products include Alexandrian White, Alexandrian Blue, produced from the Company’s Prilep quarry in Macedonia, and Breccia Paridisea and Rosso Cait and Grigio Argento, produced from its quarries in Kosovo, are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties.

In the UK these include among others St George’s Homes and Capital and Counties Plc’s Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia’s most expensive residential property. These sales serve to demonstrate the desirability of Fox’s premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

Marble demand continues to grow with stable pricing and Fox is capitalising on this growth internationally.

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