City briefs: Fulcrum; Renew Holdings
Sheffield-based multi-utility infrastructure and services provider Fulcrum says its chief financial officer Daren Harris has been appointed its new chief executive.
The listed company has also confirmed the appointment of Terry Dugdale, chief operating officer (Gas) to group chief operating officer and to the board as an executive director.
In recent months Fulcrum has won a number of significant contacts in the domestic and Industrial & Commercial (I&C) markets, supporting new housing and mixed-use developments across the UK.
The Group also completed the strategically important sale of its domestic assets to ES Pipelines Ltd for £33m, which will support its aim to deliver significant investment to grow with its design and installation services in these markets.
Harris takes on the role of CEO, after originally joining the business in June 2019. He has significant experience gained in various senior and board level roles in the construction, contracting and energy services sector.
He said: “This is an exciting time to become CEO at Fulcrum, as we are part of an industry that has a pivotal role to play in helping the UK meet its power requirements in a sustainable and environmentally conscious way.
“Fulcrum is a highly ambitious company with strong growth potential to increase our position in the domestic and industrial & commercial markets with a clear strategy on designing and building utility connections.
“We have a strengthened balance sheet, supported by the recent sale of our domestic gas assets operation, which provides greater resources and focus on the provision of new multi-utility connections.”
Dugdale has been with Fulcrum since 2019 with an established track record of driving innovation and performance in the operational delivery of utility infrastructure in the independent multi-utility contracting sector.
He is an Incorporated Engineer and is a member of both the Institute of Gas Engineers and Managers and the Institute of Directors.
Following Harris’s appointment as CEO, the Board is embarking on a process to identify a new chief financial officer. An interim finance director will be appointed during the CFO recruitment process.
Phil Holder, Fulcrum’s chairman, said: “I am delighted that Daren has agreed to accept the CEO role. The Board has been incredibly impressed with Daren’s performance during his tenure as CFO for the Group, and we are confident in his ability to drive the business forward and deliver the Group’s strategic growth.
“We are also very pleased that Terry will be joining the Board as Group COO. The business is already benefiting from his extensive experience in the multi-utility contracting sector and he will continue to drive operational excellence to support the Group’s growth plans.”
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Leeds-based engineering services group Renew Holdings will hold its Annual General Meeting at 11am today.
David Forbes, chairman, will open the meeting. He will report: “Trading for the first quarter of the year has been in line with the Board’s expectations.
“The Group order book at 31 December 2019 was £651m (31 December 2018: £570m). The Engineering Services order book stood at £549m (31 December 2018: £522m). Net debt and cash generation is in line with the Board’s expectations.
“On 14 January 2020, the Board was delighted to announce the appointment of Stephanie Hazell as a Non-Executive Director with effect from 1 March 2020.
“Stephanie has over 20 years’ relevant experience working in high profile businesses in the infrastructure services sector. In addition, Stephanie’s strategic experience will assist in the development and delivery of the Group’s established strategy.”
A further trading update will be given in a pre-close announcement on 1 April 2020, prior to the announcement of the interim results on 19 May 2020.
