City briefs: Chief executive departs; rental business operating in ‘subdued but stable’ markets; engineering group keeps momentum on track
The chief executive of infrastructure business Fulcrum has left the business with immediate effect.
Martin Harrison joined the Sheffield-headquartered business in 2014 as chief financial officer before stepping up to become chief executive in August 2017.
The AIM-listed business’s share price has fallen by two-thirds in the last 15 months. Last night’s closing price of 26p values the business at around £60m.
The company said it will now start the recruitment process with chairman Phil Holder taking over in an interim role.
Holder said: “The board remains committed to helping the company deliver its strategy, and is confident that the senior management team will continue to develop and build the business.”
Fulcrum’s latest results, for the year to March, showed a 20% increase in revenues to £48.9m, although pre-tax profits were down 15% to £5.9m.
Fulcrum provides utility infrastructure services to the residential, commercial and industrial markets, which range from the design, installation or alteration of utility services for single site properties to large complex multi-site projects.
Equipment rental specialist Vp has remained upbeat about its performance despite “a more subdued market backdrop”.
It said: “Whilst the UK and international markets within which the group operates are stable, rather than experiencing growth, we remain confident of delivering full year results in line with the board’s expectations.”
Vp’s international division experienced “a softer start” to the financial year but has seen activity pick up.
In the UK it said infrastructure demand has “held up well” while it has felt a lack of confidence in the general construction sector, especially in London and the South East.
The Group will announce its results for the six months to September on December 4.
Engineering service group Renew says it will meet market expectations for its financial performance in the year to September.
It highlighted that its engineering services division has “strengthened our position in all of our market sectors” and it expects to report “good organic growth and a strong order book”.
Renew said momentum in its rail business “is growing as expected” in the first year of the new control period.
The group’s net debt as at September 30 is anticipated to be between £10m-£11m.
It will announce its results on November 26.
