7th Mar 2016 12:04
LONDON (Alliance News) - Marble quarrying and finishing company Fox Marble Holdings PLC on Monday said it expects to receive an advanced payment of EUR390,000 from Eboracum Ltd soon, for an order placed under its long-term distribution agreement.
Fox Marble said it has received confirmation from Eboracum's accountants that EUR390,000 has been received into Eboracum's account and will shortly be transferred to Fox Marble. The total value of the order is EUR2.0 million.
Fox Marble said the advance reflects the material on hand that is ready for shipment, for which delivery is now expected to begin.
Fox Marble added that it has processed the first blocks from the Malesheva quarry is Kosovo and both Illirico Bianco and Illirico Selene types of marble has been found. It said both have been cut and polished and have received a "positive response".
"We are pleased to announce the confirmation of payment of this advance and that we are now beginning to deliver this order. We look forward to a successful relationship with this newly appointed distributor, Eboracum, in addition to our already existing sales channels around the world," said Chief Executive Chris Gilbert.
"Further, the interest we are already receiving in our Illirico Bianco and Illirico Selene marble is very encouraging and we expect to see this reflected in our order book as the year progresses," Gilbert added.
Shares in Fox Marble were up 18% at 13.38 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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