Fox Marble Holdings plc (LON:FOX), the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region has today announced that it is has signed two new agreements for the processing of third-party blocks with Egzoni Sh.p.k and Skifteri Sh.p.k.
Under these new agreements, Fox Marble will process stone on behalf of Egzoni and Skifteri at the Company’s factory at Lipjan in Kosovo. The agreements are for two years with an expected volume of 325 tons per month, generating approximately €300,000 per year in expected revenues.
These agreements represent further development of this new revenue stream for the Company, whereby Fox Marble provides marble cutting and polishing services to other companies quarrying in the wider Balkan region. These agreements have allowed Fox Marble to expand capacity at the factory whilst maximising operating efficiencies and continuing to process Fox Marble’s own material for sale. Fox Marble’s ability to enter into such agreements has been driven by the adoption of a new flexible multi-shift system and is part of an overall factory improvement programme achieved since the recent non-Board appointments of Francisco Espinosa (COO and Head of Sales) and Secundino Costas da Villa (Technical Factory Manager).
Chris Gilbert, Fox Marble CEO, commented “These new agreements demonstrate the validity of the decision to introduce this new revenue stream. 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.”