Source - SMW
Operating losses at Fox Marble rose to  €3.04m in the year to the end of December - up from €2.40m last time.

Revenues rose to €0.80m from €0.23m and net losses of  €2.76m were down from €3.03m.

The company said the  increase in operating losses was driven by the impact of currency fluctuations recognised in operating costs of €0.35m (2015 gain of €0.2m).  

It said operating costs included costs incurred in the development of the quarries to increase potential yield, and investment in targeted marketing activity to increase its worldwide presence through attendance at industry fairs and key events.

Chief executive Chris Gilbert said: "I am pleased to report on the significant progress Fox Marble has made during the past 18 months as we continue to build ourselves into a cash generative, low capex, fully integrated production, processing and distribution company of pre-eminent quality marble. 

"Notwithstanding difficulties endured through 2016 with slower than expected conversions, 2017 has begun with vigour and sees us well placed to continue to capitalise on the many global opportunities we are seeing across the marble industry. 

"Following from the completion of our new processing factory in Kosovo in December 2016, which will move into production in Q2 2017 and allow the company to process (cut and polish) its own marble blocks for direct sale, Fox Marble has entered into a number of sales agreements which sees the order book stand at a healthy €4.4 million as at 31 May 2017.

"Since the start of 2017, we have secured  orders and specifications from leading property developments in the UK and Australia, demonstrating the appeal of our premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world. 

"In addition to this, we also secured a €1.8m sales agreement with India's second largest green marble export house and a €400,000 sales agreement with a premier natural stone group in Turkey that underscores the continued development of the Company's customer base globally.  

"As we look ahead to H2 2017 we remain confident that we will continue to grow our order book. 

"There are a number of potential new offtake, distribution and sales agreements currently under discussion with customers across the UK, Europe, US and Asia, which the company believes will continue to positively impact Fox Marble's revenues in 2017."