Half-year revenues at Fox Marble (FOX) more than doubled, but the low base and slow operational progress means it is no surprise that the group's chairman, Andrew Allner, called that result "disappointing". The order book continues to grow - it currently stands at €4.1m (£3.5m) compared with €3.9m at the end of last year - and the group received cash advances worth €415,000 during the period. But that didn't stop the group entering into a share placing with company directors in June to top up the coffers by another €2m.
Investors will also be cheered by news that the company has entered into a long-term distribution agreement with Eboracum Marble in the north of England, through which it has received a €2m order and €390,000 cash advance. Additionally, Manchester-based developer Renaker Build has named Fox Marble as its preferred supplier of natural stone.
Elsewhere, Mr Allner admitted progress on the group's factory is "a little behind" where it had hoped to be at this stage, but only the resin and polishing lines have yet to be installed, and the group expects to be able to process all of its own materials by October.
Prior to these results, Brandon Hill Capital expected cash profits of €2.6m for the year ending December 2016, giving EPS of 0.7¢, compared with losses of €2.3m and 1.7¢ for 2015.
FOX MARBLE (FOX) | ||||
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ORD PRICE: | 9.75p | MARKET VALUE: | £18m | |
TOUCH: | 9.5-10pp | 12-MONTH HIGH: | 18p | LOW: 8.9p |
DIVIDEND YIELD: | NIL | PE RATIO: | NA | |
NET ASSET VALUE: | 6¢ | NET CASH: | €2.7m |
Half-year to 30 June | Turnover (€000) | Pre-tax profit (€m) | Earnings per share (¢) | Dividend per share (¢) |
---|---|---|---|---|
2015 | 110 | -1.1 | -0.01 | nil |
2016 | 262 | -1.2 | -0.01 | nil |
% change | +138 | - | - | - |
Ex-div: na Payment: na |