Fox Marble projects further order growth in 2017

Fox Marble, an AIM listed company focused on the extraction, finishing and global distribution of marble, predicts orders to rise for its product in the upcoming year as it continues to increase its client base.

The group anticipates revenues from its quarried block marble and finished marble sales for the year ended 31 December 2016 will be in the region of €0.7m compared to its full year revenue of €0.2m in 2015.

The company’s order book for 2017 currently stands at €2.9m. The order book reflects the continued demand for high quality marble from wholesalers, producers and architects like Pisani, Eboracum and Antolini Luigi & C. Spa and from leading property developments such as St George's Homes plc, and Capital and Counties plc's Lillie Square development, the largest residential development in Europe.

The cash balance at 30 November 2016 was €1.1m and includes €0.3m of cash advances related to outstanding orders.

The group is also in discussions with customers across the UK, Europe, USA and Asia which it believes will positively impact its revenues in 2017.

In order to achieve a low-cost integrated approach to its marble production the company is due to begin limited processing in its first wholly owned and operated processing factory in Kosovo by the end of December 2016.

Chief executive Chris Gilbert, said: "Marble continues to be highly valued and sought after across a range of markets globally and we continue to benefit from an extremely supportive political environment with the Kosovan government committed to put the region firmly on the map for marble production at scale.

"With these positive developments in mind, we believe that the underlying investment fundamentals remain strong and that we are now ideally positioned to deliver on our international growth strategy as a preeminent integrated marble production, sales and distribution company in 2017."

The share price fell 12% at 7.15p at the close on Tuesday.