This time last year expectations were high at Fox Marble (FOX), but an equipment supplier fire and delays in establishing marketing and distribution channels restrained top-line growth. That said, if you can look past the headline numbers, current performance suggests that this year could see sales gain traction. According to chief executive Chris Gilbert, revenue for the current financial year has already matched that achieved in the whole of 2015.
The company's quarries in Kosovo and Macedonia are now well developed, increasing customer confidence, and high-profile contract wins such at a Berkeley Group (BKG) London development have added to the momentum. Extraction has recently begun for two new types of marble described by Mr Gilbert as "in" among marble fashionistas. As of 1 June the company had an order book worth €3.9m (£3m) for the 2016 financial year, compared with €2.8m* in April last year.
But the challenge is delivering on those orders. Following a £2m fundraising in May 2016, Fox Marble now has enough cash to complete its new cutting and polishing factory in Kosovo by the end of this summer - a project previously plagued by delays. This development will help the group claw back margins paid to the third-party distributors, increase marble yield and allow the company to supply the finished product in the Balkans.
*7 June 2016: The April 2015 order book was previously reported as €2.8bn, rather than €2.8m. This has been updated.
FOX MARBLE (FOX) | ||||
|---|---|---|---|---|
| ORD PRICE: | 10.13p | MARKET VALUE: | £18m | |
| TOUCH: | 10-10.3p | 12-MONTH HIGH: | 26p | LOW: 10p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 5.4ȼ | NET CASH: | €2.8m | |
| Year to 31 Dec | Turnover (€000) | Pre-tax profit (€m) | Earnings per share (ȼ) | Dividend per share (p) |
|---|---|---|---|---|
| 2011** | - | -1.3 | na | na |
| 2012 | - | -7.4 | -18 | nil |
| 2013 | 46 | -2.6 | -2 | nil |
| 2014 | 150 | -2.3 | -2 | nil |
| 2015 | 229 | -3.0 | -2 | nil |
| % change | +53 | - | - | - |
**Pre-IPO figures £1=€1.27 | ||||
