Fulcrum Utility Services, the Sheffield-based nationwide independent utilities contractor, says its performance has slowed in the face of challenging conditions in the construction industry.
However, chairman Phil Holder says he has confidence in the Sheffield Business Park-based company’s future, after the appointment of Martin Donnachie as interim chief executive.
Fulcrum made a pre-tax loss of £1 million for the year to the end of March, after losing £5.6 million for the same period last year.
Turnover was down from £41.0 million to £38.8 million, margins rose and administrative expenses were reduced by 19 per cent to £15.9 million.
Mr Holder says Fulcrum has made significant progress in delivering robust gross profit margins and reducing its operating cost base and must now focus on driving revenue growth.
Successes during the past year included constructing and managing the gas infrastructure for the London 2012 Olympic Flame, Olympic Park, and the Athletes’ Village.