LONDON (Alliance News) - Shares in Fulcrum Utility Services Ltd fell Monday after the gas and electricity infrastructure services provider delayed the release of its 2019 financial results, citing the increased complexity of the company.
Fulcrum Utility shares were down 17% at 24.90 pence each on Monday morning.
The company now expects to release its results for the financial year that ended in March by early July. Previously, it was scheduled to release its 2019 financial on Tuesday.
"This delay to the original timetable is as a result of an increasing scope and complexity of the enlarged group and the financial reporting framework compared to previous years. In particular, work is ongoing on certain non-cash items which the board believes will not affect the trading results and prospects for the company," Fulcrum said in a short statement.
It has retained its expectations of recording annual revenue of around GBP57 million versus GBP44.6 million the year before, and adjusted earnings before interest, taxes, depreciation and amortisation of GBP11 million versus GBP8.4 million previously.