Fulcrum Utility Service down as it pivots to loss

AIM-listed infrastructure firm Fulcrum Utility Services (LON:FCRM) saw its share price drop by 9.82% to 24.80p (as of 14:00 GMT) as revenues for the six months to 30th September fell by 21%. The firm booked a loss before tax for the period while expanding capacity across the group and increasing the size of the order book.

Chairman Phil Holder commented: “Performance in H1 has been impacted by ongoing economic uncertainty but, positively, the Group has recently seen improved sales order intake in Q3. In addition, we are hopeful that the General Election result will reduce economic and political uncertainty, providing greater clarity and improving decision making on contracts.

“The sale of our domestic utility assets to ESP also significantly strengthens our balance sheet and will provide a basis for a return of capital to shareholders. The Group’s core growth strategy will focus on its design and build utility connections activities, as well as on continuing to adopt assets in its traditional I&C market where appropriate. Our new relationship with ESP will enhance the Company’s capabilities in the future in all segments of the market“.