Utility group returns to profit after major turnaround
Utility firm Fulcrum Group has returned to profit following a major strategic turnaround, one year after its board announced it wanted to cancel the company’s admission to trading on AIM to help slash costs.
In the year to the end of March 2024, the Sheffield-based group achieved revenue of £53.4m, a rise from £50.6m in its 2023 financial year, with an operating profit of £522,000, up from a loss of £24.6m.
Fulcrum Group said its turnaround has been delivered following a comprehensive strategic review of the company and its four divisions during the last 18 months. It said this led to a new leadership team, the streamlining of its corporate operations and a sharper focus on its core markets.
Lindsay Austin, CEO of Fulcrum Group, said: “The group’s leadership team is exceptionally proud of the turnaround we’ve achieved, and the contribution made by our excellent people, that has delivered a return to profitability. The strong, collaborative approach we have brought to the group, with the full support of our highly engaged major shareholders, has ensured the outcomes of the strategic review were successfully implemented and have set us on a path to sustainable, progressive improvements.
“Over the past 18 months we have optimised the expertise within the group, delivered cost improvements and efficiencies through streamlined processes and allowed our divisions the autonomy to pursue and secure new relationships and build on long-term partnerships. In particular, Dunamis and Maintech Power are operating in booming, high-growth markets, offering in-demand specialist services, which is accelerating their growth and access to future opportunities.”
Jonathan Jager, CFO, said: “The pace and agility of the change we have brought to the group has ensured a solid foundation for further sustainable growth.
“Focusing on our core strengths in sectors where we are very experienced, alongside the increased efficiency of our central operations and workforce development, have been fundamental to our success and will be central to the delivery of our next five-year strategy of growth and profitability.
“This, combined with the advent of a new government with an ambitious housebuilding agenda, and far-reaching energy policies, including its publicly owned GB Energy and the resurrection of onshore wind farm developments, presents significant and exciting opportunities for the group.”
