Fulcrum Utility Services Limited, the UK based energy solutions company, today announces its preliminary results for the sixteen month period from incorporation on 4 December 2009 to 31 March 2011. The results include the contribution from Fulcrum Group Holdings ("FGH") for the period since its acquisition by Fulcrum on 8 July 2010.
The Company is also pleased to announce the appointment of Marcus Green as CFO of the group. Marcus will also join the board of the Company. Marcus joined the business in March 2011 as Finance Director of FGH and replaces the interim CFO, Paul Below, who will continue to work with the business until the end of July 2011.
- Successful acquisition of FGH from National Grid for a nominal consideration and subsequent final settlement under which the Group received a final payment from National Grid totalling £8.2m
- Appointment of a new senior management team with extensive industry and turnaround expertise
- Significant restructuring completed, resulting in a total headcount reduction of more than 100, closure of the Edinburgh office and rationalisation of the head office in Rotherham
- Processes, systems and contract profitability reviews have been undertaken and actions implemented to improve margins and operational performance, drive reduced costs, improve response times and customer service levels
- Significant customer relationships have been developed to support ongoing sales efforts as the business moves forward
- Launched contractor procurement process to introduce flexibility of supply and streamline project delivery, with completion anticipated during summer 2011
John Spellman, CEO 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. I would like to thank all of our staff for their continued commitment in what has been a very challenging year and I look forward to delivering Fulcrum back to profitability and future success."
"I welcome Marcus to the board and I look forward to working with him in the future. I would also like to take this opportunity to thank our interim CFO Paul Below for his excellent work over the past 14 months"
Fulcrum is set to continue to pursue a number of activities relating to the turnaround of the business. Results to date have been consistent with their strategy and expectations for the progress of the business for the current financial year are in line with market expectations.