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Fox Marble secures second Chelsea Creek prestige order

Published: 16:33 09 Apr 2015 AEST

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Fox Marble (LON:FOX) has bagged an order from Berkeley Homes for €570,000 of cut and polished marble slabs.

The order is from St George, the prestige home division of Berkeley (LON:BKG), and is in addition to the previous order from St George announced in January of this year, which was for 900 square metres of polished slabs of Fox Marble's grey Argento Grigio marble.

Like the Argento Grigio, the new lot of marble - which is for white and grey slabs - will be going into the Chelsea Creek development throughout the rest of 2015.

Meanwhile, initial small scale orders for Fox Marble's red, Rosso Cait, marble have been received and fulfilled for customers in Egypt.

The company's order book now stands in excess of €2.8 million, of which €2 million is expected to be realised in 2015. To put that into perspective, Fox Marble had revenue of €46,208 last year.

"We are pleased to see that Berkeley Homes has extended its order with Fox Marble, which is a testament to the desirable, premium quality marble we provide. Our order book is improving for the year ahead and we hope to add to this," said Chris Gilbert, chief executive of Fox Marble.

On the operational side, the group’s own factory for the cutting and processing of blocks, currently being erected on a 10 hectare site in Lipjan, close to Pristina airport, is close to completion.

If the weather holds out - by no means a given in Pristina, even at this time of year - then it should be ten days or so before the company can start shipping over equipment from Italy and installing it in the factory.

Handling the cutting and processing of the blocks it produces will put Fox Marble in control of its own destiny and will improve margins.

"The factory is finally nearing completion after adverse weather in Pristina which created unexpected delays. We look forward to updating shareholders with the final stages of construction," Gilbert said.

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