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Fox Marble Holdings

Fox Marble Holdings plc ‘Demand for Illirico Selene is high’ with 1,850 tonne order

Fox Marble Holdings (LON: FOX), the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region has today announced the largest single order of its highly prized Illirico Selene marble from the Maleshevë quarry in Kosovo.

Fox Marble has received an order for 1,850 tons of Illirico Selene (the silver grey marble) from an existing customer. Loading of the material has begun, and the order will only be recognised as revenue as the material is despatched from the quarry over the next few weeks.

The order is notable because it consists not only of the higher quality large blocks of stone but also large quantities of small and semi blocks which constitute a lesser grade of block. This has the additional effect of clearing out old stock extracted some years ago and freeing up space in the quarry to further extend the quarrying area and reach additional resources of good quality stone.

This has taken place in part because the demand for this material is expanding with the increased penetration in various markets and the competition for this material from our quarry is growing.

Fox Marble is now focussing on penetrating these markets with material from Fox Marble’s other quarries including Grigio Argento, Rosso Cait and Flora from the Cervenilla quarry and the Breccia Paradisea and Etrusco Dorato from its Syriganë quarry.

Chris Gilbert, Fox Marble Holdings plc CEO, commented

“Demand for Illirico Selene is high, with sales being constrained by our ability to extract sufficient quantities to sell into these growing markets and our success in selling our lesser grades of blocks is a consequence of this demand. As a result, we expect to see growth in our sales in 2019 and look forward to updating the market accordingly.”