UK 16:10 Wednesday, 7 October 2026
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Fox Marble (FOX) has announced results for the first half of 2015 and that, whilst frustrated by operational setbacks experienced, remains “confident of fulfilling our plans”.
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Comments
DUCK AND DIVE
Half year losses of £800k on sales of just £81k don’t inspire confidence. They’ve got ever-increasing stock levels and can’t get rid – so marketing, pricing and/or quality must be wrong.
Receivables are falling while payables are on the rise – and next month, they’re going to repay £1.1m of CLNs so a fundraising looks possible.
I would be waiting for more evidence that they can sell the stuff.
Steve
D&D – the convertible loan is E1.6million and trade payables are only marginally above receivables. They have E5.6million in cash so why would a fundraising be required? Given there is an order book of E2.8million to be fulfilled this year and next they look to have plenty of funds to the end of 2016 at least.
From what I gather one of the requirements for sales is proven consistent quarrying of quality stone which I believe now is being demonstrated across all they key stones and so hopefully sales will start to follow.
There is still sales to come from the Chinese sales agency agreement that should be taking a minimum of 10000 tonnes which should be at least E2million – although of course given the China situation nothing is guaranteed. If it does come through however it should prove a significant boost.
DUCK AND DIVE
@Steve: You seem to have converted Euros to UKP on a 1:1 basis.
As for receivables/payables, it’s the trend that concerns me.