‘Huge transformation’ for Fulcrum
ENERGY business Fulcrum Utility Services today said its results had been consistent with its strategy as the Yorkshire company posted a loss before tax over a 16 month period of £11.8m.
Rotherham-based Fulcrum’s primary business is the provision of unregulated gas connection services to the residential, commercial and industrial markets throughout the UK.
These range from the design, installation or alteration of connections for single site properties to multi-site projects.
Through its subsidiary, Fulcrum Pipelines, Fulcrum is also licensed as an independent gas transporter, operating pipelines that connect more than 16,000 properties to the main UK gas network.
Fulcrum was previously known as Marwyn Capital and acquired Fulcrum Group Holdings from National Grid last year.
It has undergone a significant restructuring, including reducing staff by more than 100, closing its Edinburgh office and making changes at its Rotherham head office.
For the period covering December 4, 2009 to March 31 this year, Fulcrum posted revenues of £28.4m.
The stock market listed company reported a £5.6m loss of underlying earnings before interest, tax, depreciation and amortisation and an operating loss before exceptional items of £6.7m.
John Spellman, chief executive of Fulcrum, said: “The 2011 financial year has been one of huge transformation for the Fulcrum group.
“We acquired Fulcrum in July 2010 as a business with great potential but burdened by an inefficient cost base and operating model.
“Our plans for delivering a turnaround strategy centred on the appointment of a new senior management team, improved operational efficiency and growth in market share.
“Against this backdrop I am extremely encouraged by the performance of the business since acquisition. Our new management team has been fully integrated into the business and significant progress has already been made in reducing operating costs, growing revenues and improving customer service levels.
“We continue to pursue a number of activities relating to the turnaround of the business. Results to date have been consistent with our strategy and our expectations for the progress of the business for the current financial year are in line with market expectations.”
Fulcrum has also appointed Marcus Green as chief financial officer. Mr Green, who joined the company in March, replaces Paul Below, who will continue to work with the business until the end of July.
