Restructuring programme helps Fulcrum to cut its losses

AIM-listed Fulcrum, which used to be part of National Grid, also revealed that it had recorded its first profitable period under independent ownership during the second half of the year.

In the year ended March 31 2012, the Sheffield-based firm recorded an underlying EBITDA loss of £2.1m, which is less than the £5.6m loss recorded in the same period the year before.

Revenue was £41m compared to £28.4m in the prior period.

The company recently secured a contract to deliver new gas infrastructure to the offices for the 2014 Commonwealth Games in Glasgow.

It is also working on a project for Arla Foods to deliver gas infrastructure and connections to the company’s new dairy in Aylesbury.

During the year, the business moved from Rotherham to an office on the outskirts of Sheffield. It also closed a number of its smaller offices and depots around the country and opened a small office in Northampton.

Altogether, Fulcrum has around 240 staff, including 150 in Sheffield.

John Spellman, the chief executive of Fulcrum, said: “This has been a transformational year for Fulcrum.

“We started the year with a restructuring process that saw 77 people leave the business, in the middle of the year we concluded our contractor procurement process and we closed the year with a new IT infrastructure and business wide enterprise system deployment.”

In a statement to accompany the results, Fulcrum said that its cash position remained strong.

The statement added: “We believe that the new financial year will see continued revenue growth with improving profitability.

“After a period of significant change for Fulcrum, management look forward to the future with increasing confidence.”