20th Jan 2020 10:58
(Alliance News) - Fox Marble Holdings PLC has increased production activity at the Lipjan factory due to a rise customer demand, it said Monday.
Fox has now moved to two daily production shifts at the factory, which is in Kosovo.
The higher demand follows a decision to start processing blocks of marble for third parties. Fox also sells blocks of marble it mines itself from North Macedonia's Prilep quarry as well as selling processed material from blocks from North Macedonian or Kosovan sites.
At the start of December, Fox signed a processing contract with Inter Stone LLC, worth over EUR1 million to Fox in its first year. This has meant a new shift has been added to meet the client's needs.
"This doubling in capacity was demand driven and demonstrates the validity of our decision to create a new revenue stream. Fox Marble is maximising its factory capacity and increasing operating efficiency, whilst still processing its own marble for sale to our global and wider Balkan markets," said Fox Chief Executive Chris Gilbert.
"The company can look forward to 2020 with confidence and I will be updating the market shortly with further plans to increase our growth."
Fox Marble shares were up 2.1% at 2.40 pence each in London on Monday morning.
By George Collard; [email protected]
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