Fox Marble, the stone company listed on the London Stock Exchange Alternative Investment Market, was expected to publish its interim results at the end of September, after this magazine had gone to press. But it made a statement ahead of the results to manage expectations.

The company was listed in London to produce good quality investment for Kosovo and the Balkans, where its marbles are extracted and where it has now built a large factory that it hopes will work three shifts a day, seven days a week.

In its announcement, Fox said its 2016 order book stands at €4.1million, €500,000 less than it announced on 29 June. It blamed the fall in sterling following the EU referendum and a revised order from a particular customer.

However, the Board, led by CEO Chris Gilbert, says the order book is growing and converting into sales. Revenue for the first half was €260,000. Advances received on orders totalled €415,000 and the company’s cash balance at 30 June was €2.69million following the extra £2million it raised from shareholders in June.

Until now, the stone extracted has gone to Italy for processing. But all the machinery should be in Fox’s own new factory in Kosovo by now (October), which will cut the cost of sawing and polishing the marble. It has three 80-bladed Barsanti gangsaws, a Prometec resin line and a Gaspari Menotti polishing line. There are two gantries in place and power and water connected.

It has received an exciting order for Bianco Illirico from its latest quarry for the first phases of the 7,500 unit Lillie Square development in Earls Court, London. “It’s not so much the value of the initial order,” Chris Gilbert told NSS, “but it’s the biggest development in Europe going over the next 10 years.”

The stone has been specified for 10 penthouses and other top storey apartments, and common areas of lifts and lobbies. Phase three of the project has just been awarded and Chris says Fox would hope to be included in that as well.