New finance chief for utilities services firm

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Marcus Green has stepped down as chief financial officer of Fulcrum Utility Services, the nationwide independent utilities contractor, based at Sheffield Business Park.

Fulcrum has appointed Robert Douglas as interim chief financial officer until a successor to Mr Green is recruited.

Mr Douglas has held senior finance roles in listed and private companies and has served as an interim group finance director in the house building, construction and property sectors.

His most recent role was as interim group finance director of United House, a specialist in new build, refurbishment of social housing and urban regeneration.

He will not be a member of the board of Fulcrum, which named Martin Donnachie as its chief executive in October, almost six months after he had joined the company as interim chief executive.

Prior to Mr Donnachie’s arrival, the company announced a pre-tax loss of £1 million for the year to the end of March, following on from a £5.6 million loss for the same period in 2012.

Fulcrum significantly strengthened its cash position in October by selling its domestic gas pipelines business to ES Pipelines for £6.3 million.

The deal involved 31,000 pipelines and other assets carrying gas to domestic and mixed use customers previously served by the Sheffield-based group’s Fulcrum Pipelines subsidiary.

Since the sale, Fulcrum’s share price has risen from 4.75p to 6.88p, giving the company a market capitalisation of £10.61 million.