10th Sep 2015 08:31
LONDON (Alliance News) - Marble quarrying and finishing company Fox Marble Holdings PLC narrowed its pretax loss in the first half despite its revenue coming in significantly lower than expected due to unanticipated operational issues.
Fox Marble said its pretax loss for the six months to the end of June was GBP1.1 million, narrowed from a GBP1.2 million loss a year earlier, as it made GBP110,000 in revenue in the half, up from GBP34,000. Revenue was hit by operational challenges the company faced in the half, including delays in accessing the Malesheva quarry in Kosovo and slower-than-expected deliveries from its Sivec quarries in Macedonia.
But the company said these issues have now been resolved and said its order book currently stands at EUR2.8 million, of which EUR1.4 million is expected to be realised in the current financial year.
The group has made progress on building its processing plant, with the building complete and the installation of key machinery in progress, though this also faced a setback after a fire at Prometec SrL's factory in Italy meant some of the equipment for the plant's delivery was delayed.
"Despite a challenging start, I am looking forward to the next six months and our progress in developing new markets. We have been frustrated by the operational setbacks we have experienced, which could not have been predicted," said Chris Gilbert, Fox Marble's chief executive.
"Our strategy remains the same and we have made good headway, particularly with regards to sales efforts, which are starting to bear fruit as our material gains recognition. As various aspects of our development fall into place l am confident of fulfilling our plans and look forward to updating the market in due course," Gilbert added.
Shares in the company were down 4.3% to 17.70 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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