The sales bonanza forecast for quarry owner Fox Marble (FOX) has struggled to materialise. Despite a new long-term €2m (£1.5m) distribution agreement with importer/exporter Eboracum, orders from Banyan Stone and “further partnership agreements” in India and the Middle East, the market was again underwhelmed by the latest trading statement, sending the shares down 13 per cent in early trading on Thursday.
IC TIP:
Buy
at
11.9p
The trading update contained several negatives: an agreement with a China sales agency has been delayed, most of the 2015 order book has been moved to this year, and cash burn has left the company with just €2.8m of reserves. This should be boosted by payments from Eboracum, due next month.
