A Sheffield-based independent energy and multi-utilities service provider has announced its first operating profit following a major restructure.
Fulcrum has reported a profit before tax of £0.6m in its annual results for the year ending March 31 2015, which it said reflected a successful turnaround and business transition.
The company said it has a “solid order book” and has identified a sales pipeline to build upon its customer base of 1,200 UK clients.
Martin Donnachie, chief executive, described the results as a “significant achievement, which reflects the management team’s successful turnaround.”
The Tinsley-based firm, which designs and delivers gas, electricity and water connections, has been through a programme of restructuring in the last 18 months, which is aimed at reducing its fixed cost base and overheads from £17m to £11m.
During the last financial year, the company launched a directly managed delivery model as part of its strategic growth strategy. Under this new model, Fulcrum manages all elements of its utilities projects across England and Wales, from initial consultations through to completion.
As a result, the business has doubled the size of its workforce to more than 200 people. The expanded workforce has been supported by investments in a fleet of 30 new vehicles and mobile technology.
During early 2015 Fulcrum secured a number of significant contracts including an agreement to install gas, water and electricity connections at a new mixed-used development in Wales. Fulcrum also confirmed a one-year extension to its contract for British Gas Business, across England, Wales and Scotland, to November 2015 with an option for an extension.