20th Sep 2013 09:19
LONDON (Alliance News) - Fox Marble Holdings PLC Friday said its pretax losses doubled in the first half as the company developed towards its first revenues.
The marble and decorative-stone producer, with operations in southeast Europe, said its pretax loss widened to EUR1.1 million from EUR489,000 for the six months ended June 30.
The company is yet to post revenues, but its operating loss almost tripled to EUR932,000 from EUR351,000 as it bought new quarry sites and added equipment to its sites to improve production levels as the company moves forward towards full operations.
Fox Marble said that a processing plant, which is key to developing and improving its output, will be completed in its first quarter 2014, and two further quarries are expected to be in production by October.
The stone producer said it expects initial sales of marble in the balance of the current financial year, with volumes increasing significantly over the course of 2014.
The company said it raised EUR2.9 million through a share placing in August and now has a net cash level of EUR5.4 million.
"In the first six months of the year we have made substantial progress in opening a number of quarries supplying commercial quantities of marble as well as signing our first off-take agreement," Chief Executive Chris Gilbert said in a statement.
Fox Marble shares were up 3.5% to 15.00 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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