Fulcrum CEO stepping down to resume operational role

Utilities infrastructure business, Fulcrum, says its CEO Terry Dugdale has decided to step down after one year in his post to resume an operational role within the business.

He will leave the Board with immediate effect and resume the role of Group COO.

Antony Collins has agreed to join the Group as interim chief executive officer while a permanent successor is sought. He brings extensive experience combined with powerful implementation and leadership skills.

Collins has a strong operational background in managerial control and processes and most recently was interim CEO at Carclo plc.

Dugdale said: “I am looking forward to stepping back into the operational side of the business and delivering value through operational excellence.

“I became CEO in January 2021 with a mandate to build a foundation for growth.

“This, I believe, has been achieved; the Group now has an identified strategy for expansion and the funds with which to execute it.”

Jennifer Babington, non-executive chair of Sheffield-based Fulcrum, added: “Terry joined the company as GCOO in March 2019 and with his operational strength it makes sense for him to focus his time on the operational side of the business and resume the role of GCOO in order to best support the Group’s growth objectives.

“I believe the Group now has a firm platform for growth and the Board is excited by the long-term growth opportunities ahead for the company and looks forward to updating the market on the company’s progress.”

In December, Fulcrum issued its interim results for the six months ended 30 September 2021.

Revenues for the six months to 30 September 2021 increased by 46% on the previous year to £28.6m (H1 2021: £19.5m). Loss before tax was £1.3m (H1 2021: loss of £3.7m), while the firm’s adjusted EBITDA was £1m (H1 2021: loss of £1m).