Fox Marble Holdings (AIM:FOX) has signed two new processing agreements with Kosovo-based companies, Egzoni and Skifteri.
The AIM-listed firm which is focused on marble quarrying and finishing in Kosovo and the Balkans region said it will process stone at the companies' factory at Lipjan in Kosovo.
The agreements will cover two years with an expected volume of 325 tons per month to generate around €300,000 per year in expected revenues.
"These new agreements demonstrate the validity of the decision to introduce this new revenue stream,” said Chris Gilbert, Chief Executive of Fox Marble which provides cutting and polishing services to companies quarrying in the Balkan region.
Shares in Fox Marble Holdings were trading 8.51% higher at 2.55p during Monday trading.
Gilbert added, “It allows Fox Marble to utilise more of its factory capacity and increase operating efficiency, whilst still processing its own marble for sale globally as well as in the wider Balkan market.”
The group said that the entering of such agreements has been driven by its adoption of a new flexible multi-shift system, part of a factory improvement programme achieved since the appointments of Francisco Espinosa as COO and Head of Sales, and Secundino Costas da Villa as Technical Factory Manager.
Follow News & Updates from Fox Marble Holdings here: