Fox Marble signs first Turkey supply deal

Kosovo and Balkans-focussed marble quarrying and finishing company Fox Marble announced on Wednesday that it entered into a minimum €0.4m sales agreement with Simsekler Mermer Company, one of Turkey's largest natural stone groups, to supply its IIIirico Selene and Sivec marble product.

The AIM-traded firm said Simsekler owns nine marble quarries in Turkey as well as three factories and two showrooms and warehouses located in Ankara and Istanbul.

It said the agreement, which would see deliveries completed over 2017, marked the company's first significant customer and entry into Turkey and confirmed the board's international expansion strategy as it positioned itself as a “leading marble quarrying, processing and distribution company” in the region.

In light of the new agreement, the company increased its estimate for its order book for 31 December 2017 to €4.4m, which it expected to be recognised as revenue in the financial year to 31 December.

“This new sales order marks our first move into the significant and potentially lucrative Turkish marble market,” said Fox Marble CEO Chris Gilbert.

“This new relationship with Simsekler, we believe, further underpins the commercial viability of our marble and we look forward to working with Simsekler during the course of 2017 and beyond as we anticipate receiving further material orders.

“It is significant that Fox Marble is able to supply marble to a territory which is itself one of the major exporters of natural stone and a testament to the quality and colour of the marble within its quarries in Kosovo.”