Fox signs two third-party marble finishing deals
By Josh White
Date: Monday 17 Feb 2020
(Sharecast News) - Kosovo and Balkans-focussed marble quarrying and finishing company Fox Marble has signed two new agreements for the processing of third-party blocks, it announced on Monday, with Egzoni and Skifteri.
The AIM-traded firm said that under the agreements, it would process stone on behalf of Egzoni and Skifteri at its factory at Lipjan in Kosovo.
It said the agreements were for two years, with an expected volume of 325 tons per month, which would generate around €0.3m per year in expected revenues.
The agreements represented further development of the new revenue stream for the company, the board explained whereby Fox would provide marble cutting and polishing services to other companies quarrying in the wider Balkan region.
It explained that the agreements had allowed it to expand capacity at the factory, while maximising operating efficiencies and continuing to process its own material for sale.
Fox Marble said its ability to enter into such agreements had been driven by the adoption of a new flexible multi-shift system, and was part of an overall factory improvement programme achieved since the recent non-board appointments of Francisco Espinosa as chief operating officer and head of salesm, and Secundino Costas da Villa as technical factory manager.
"These new agreements demonstrate the validity of the decision to introduce this new revenue stream," said chief executive officer Chris Gilbert.
"It allows Fox Marble to utilise more of its factory capacity and increase operating efficiency, whilst still processing its own marble for sale globally as well as in the wider Balkan market.
"We look forward to our ongoing partnership with Skifteri and Ezgoni."
At 1116 GMT, shares in Fox Marble were up 13.36% at 2.66p.
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