Quarry owner Fox Marble (LON:FOX) is beginning to see sales momentum build as it establishes a reputation for high quality marble.
The company, which floated in August 2012, saw revenues rise to €0.15mln in 2014 from €0.05mln in 2013, and it is looking to pick up the pace even more in 2015 on the back of an order book of €2.8mln, of which €2.0mln is expected to be realised this year.
As might be expected of an early stage company, the company is loss making, but loss before tax narrowed in 2014 to €2.33mln from €2.57mln.
Operationally, despite the best – or worst – efforts of the weather in Kosovo, where most of its quarries are situated, Fox Marble managed to extract more than 14,000 tonnes of marble during the year.
Those same weather conditions have hampered construction of a factory building but the grand opening ceremony is imminent, and once up and running the plant will give a boost to margins and put the company more in control of its own destiny.
"In the coming year we hope to see key milestones fulfilled, including completion of the factory and increasing levels of production in Prilep and Malesheva. In addition and most significantly, we expect to see the company winning significant orders for its product as our branding, marketing and sales focus continues to develop,” said Chris Gilbert, chief executive of Fox Marble.
“We anticipate revenue climbing as more customers purchase our stone and this momentum will not only increase throughout the year but continue into 2016,” he added.
Shares rose to 20.1p in early deals from 19.75p overnight.
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