(Alliance News) - Gas and electricity infrastructure firm Fulcrum Utility Services Ltd said Tuesday that accounting changes will reduce revenue and adjusted earnings for the year ended March 31.
The company expects to see a GBP8.1 million reduction in revenue and cost of sales and a GBP1.1 million reduction in its earnings before interest, tax, depreciation and amortisation for financial 2019.
In June, the company said it expected revenue of GBP57.0 million for 2019 financial, up from GBP44.6 million in financial 2018. Its Ebitda was also expected to rise year-on-year to GBP11.0 million from GBP8.4 million.
Fulcrum said the company's underlying performance and cash resources remain unaffected by the accounting changes.
The company said it still intends to pay a full-year dividend for the year ended March 31 in line with its progressive dividend policy. In financial 2018, it paid a total dividend of 2.1 pence per share and earlier this year declared an interim payment of 0.75p.
The firm said it is making accounting changes following adoption of IFRS15 accounting standard and the decision relates to the company's accounting policy for infrastructure assets constructed and subsequently retained to enhance shareholder value.
Fulcrum said its results for 2019 financial year are in the "final stages of audit" after the company announced in June that its publication was delayed until "early July".
Shares in Fulcrum were up 6.4% at 27.65 pence each in London on Tuesday afternoon.
