LONDON (Alliance News) - Fulcrum Utility Services Ltd, an energy and multi-utility infrastructure and services provider, on Tuesday reported a swing to first-half pretax profit, as revenue and margins improved and costs came down.
Pretax profit amounted to GBP1.6 million in the six months ended September 30, versus a GBP200,000 pretax loss the corresponding half the prior year. Fulcrum said it will pay an interim dividend of 0.3 pence per share, following a maiden dividend of 0.4p for its prior financial year.
Revenue increased to GBP17.1 million from GBP16.8 million, with infrastructure services making up the bulk of that. Annualised repeat customer revenue accounted for over 50% of total revenue.
Margins improved due to "efficiencies gained by changing the project delivery operating model and selective bidding".
Administrative expenses were cut to GBP4.5 million from GBP4.7 million.
"Fulcrum has continued to make excellent progress. Our core operational model has been established and we have continued to deliver efficiencies, providing us with a robust platform for profitable growth," Chief Executive Martin Donnachie said in a statement.
Shares in Fulcrum were up 6.4% at 21.15 pence on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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