Announcement • Sep 27
Fulcrum Utility Services Limited's Shareholders Approve Cancellation of the Admission of the Ordinary Shares to Trading on AIM Fulcrum Utility Services Limited announced that the shareholders approved cancellation of the admission of the Ordinary Shares to trading on AIM. Accordingly, the last day of dealings in the Company's Ordinary Shares on AIM will be 3 October 2023 and Cancellation will become effective at 7.00 a.m. on 4 October 2023. Announcement • Sep 19
Fulcrum Utility Services Limited, Annual General Meeting, Sep 26, 2023 Fulcrum Utility Services Limited, Annual General Meeting, Sep 26, 2023, at 11:00 Coordinated Universal Time. Announcement • Aug 22
Fulcrum Utility Services Announces Proposed AIM Cancellation of Ordinary Shares Fulcrum Utility Services Limited announced the proposed cancellation of admission to trading on AIM of its ordinary shares of 0.1p each ("Ordinary Shares") (the "Cancellation"), and the adoption of amended and restated memorandum and articles of association (the "Amended Articles") (together, the "Proposals"). The Directors have undertaken a review to evaluate the advantages and disadvantages to the Company and its Shareholders of retaining the admission to trading on AIM of the Company's Ordinary Shares. This review has included, amongst other matters, the Company's limited prospects of raising additional equity financing on AIM given its current investor base, the limited trading in the Company's Ordinary Shares, the significant cost associated with maintaining the Company's admission to trading on AIM and the management time and the legal and regulatory burden associated with being a quoted company. As a result, the Directors have concluded that the Proposals are in the best interests of the Company and its Shareholders as a whole. The Proposals are subject to Shareholder approval and accordingly, a circular will be sent to Shareholders and will be made available on the Company's website today, setting out the background to and reasons for the Proposals (the "Circular") and which will contain a notice convening a general meeting (the "General Meeting") at which Shareholders will be invited to consider and, if thought fit, approve the resolutions to implement the Proposals. Extracts of the Circular can be found in Appendix 1 to this announcement. Reported Earnings • Aug 22
Full year 2023 earnings released: UK£0.063 loss per share (vs UK£0.052 loss in FY 2022) Full year 2023 results: UK£0.063 loss per share (further deteriorated from UK£0.052 loss in FY 2022). Revenue: UK£50.6m (down 18% from FY 2022). Net loss: UK£25.1m (loss widened 87% from FY 2022). New Risk • Jun 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 79% per year over the past 5 years. Market cap is less than US$10m (UK£3.49m market cap, or US$4.48m). Minor Risk Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Announcement • May 04
Fulcrum Utility Services Limited, Annual General Meeting, May 23, 2023 Fulcrum Utility Services Limited, Annual General Meeting, May 23, 2023, at 11:00 Coordinated Universal Time. Location: offices of the Company, 2 Europa V, Sheffield,1XH S9 Sheffield United Kingdom Agenda: To consider increase of the authorized share capital; to discuss the authority of allot shares; to discuss disapplication of pre-emption rights; and to discuss other matters. Reported Earnings • Dec 14
First half 2023 earnings released: UK£0.052 loss per share (vs UK£0.005 loss in 1H 2022) First half 2023 results: UK£0.052 loss per share (further deteriorated from UK£0.005 loss in 1H 2022). Revenue: UK£23.9m (down 16% from 1H 2022). Net loss: UK£20.7m (loss widened UK£19.6m from 1H 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 31 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Jenn Babington is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 02
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: UK£0.052 loss per share (down from UK£0.046 loss in FY 2021). Revenue: UK£61.8m (up 31% from FY 2021). Net loss: UK£13.4m (loss widened 31% from FY 2021). Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) missed analyst estimates by 300%. Over the next year, revenue is forecast to grow 7.7% compared to a 12% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 27
Price target decreased to UK£0.20 Down from UK£0.45, the current price target is provided by 1 analyst. New target price is 113% above last closing price of UK£0.095. Stock is down 74% over the past year. The company is forecast to post a net loss per share of UK£0.01 next year compared to a net loss per share of UK£0.046 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Jenn Babington is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 15
Price target decreased to UK£0.20 Down from UK£0.45, the current price target is provided by 1 analyst. New target price is 131% above last closing price of UK£0.087. Stock is down 76% over the past year. The company is forecast to post a net loss per share of UK£0.01 next year compared to a net loss per share of UK£0.046 last year. Board Change • Apr 15
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Jenn Babington is the most experienced director on the board, commencing their role in 2020. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 12
Fulcrum Utility Services Limited Announces Board Changes Fulcrum Utility Services Limited announced that Phil Holder, Non-Executive Chairman, has notified the Board that he is stepping down from the Board with immediate effect, in accordance with the Company's previously announced succession plan. Jennifer Babington, who was appointed as Non-Executive Director in May 2020, will become Non-Executive Chairman with immediate effect. Furthermore, Stephen Gutteridge will now remain on the Board as an independent Non-Executive Director until a suitable replacement is found. Announcement • Oct 06
Fulcrum Utility Services Limited Announces Step Down of Stephen Gutteridge from the Board Fulcrum Utility Services Limited announced that Stephen Gutteridge, Non-Executive Director has given notice that he will step down from the Board at the end of this calendar year. A process to recruit a new independent Non-Executive Director is underway and a further announcement will be made in due course. Announcement • Sep 24
Fulcrum Utility Services Limited Announces Appointment of Jennifer Cutler as Chief Financial Officer Fulcrum Utility Services Limited announced the appointment of Jennifer (Jenny) Cutler, who will join the Group as its new Chief Financial Officer on 19 October 2020. Jenny joins Fulcrum from Harworth Group plc, a Main Market listed business and a leading regenerator of land and property for development and investment, where she was Director of Finance. Announcement • Jul 31
ES Pipelines Ltd. completed the acquisition of domestic customer gas connection assets of Fulcrum Utility Services Limited (AIM:FCRM). E.S. Pipelines Limited entered into a conditional sale and purchase agreement to acquire domestic customer gas connection assets of Fulcrum Utility Services Limited (AIM:FCRM) for approximately £46 million on December 23, 2019. Initial cash consideration of approximately £17 million is payable on completion, with the balance relating to part-complete networks and the internal and external order books to be received over the next four years, as assets are built out and transferred. Pursuant to the terms, it is intended that the first tranche of assets relating to Fulcrum's existing asset estate will be hived down into a newly formed subsidiary and this subsidiary will then be transferred to E.S. Pipelines. This subsidiary, containing the first tranche of assets, will be transferred at completion. As the internal and external order books are built out, subsequent tranches of assets will be hived down into newly created subsidiaries at approximately twelve month intervals (or when the value of the assets ready to be transferred exceeds £6.5 million), and these subsidiaries will then be transferred in return for the relevant portion of the consideration. The consideration for the sale is subject to certain clawback provisions over a three year period in the event of, inter alia, a change of control of Fulcrum Utility Services, of approximately 15% or 7.5% of the consideration if the change of control occurs within one year or between one and three years of completion respectively. The transaction is conditional on Ofgem (Office of Gas and Electricity Markets) approval and the Competition and Markets Authority. As of March 4, 2020, the transaction is approved by Ofgem (Office of Gas and Electricity Markets) and the Competition and Markets Authority and the completion of the transaction will occur by the end of March 2020. Fulcrum Utility Services will use the initial tranche of consideration to, inter alia, repay in full existing borrowings on completion of approximately £12 million. Sale proceeds will also be utilized to meet Fulcrum's working capital requirements, including in relation to the build out of order book assets.
Jonathan Coddington and Matt Alexander of Smith Square Partners LLP acted as financial advisors and Gaby Jones, Tom Mercer, Alexander Cox, Neil Cuninghame of Ashurst LLP acted as legal advisors to Fulcrum Utility Services Limited. Max Hartley, Michael Johnson and Callum Davidson of Cenkos Securities plc (AIM:CNKS) acted as financial advisor and broker to Fulcrum Utility Services Limited.
ES Pipelines Ltd. completed the acquisition of domestic customer gas connection assets of Fulcrum Utility Services Limited (AIM:FCRM) on March 31, 2020. As part of the transaction, Fulcrum Utility Services Limited used the proceeds from the sale to repay its existing debt of £11 million in full, leaving the business debt free, other than operating lease obligations. 