Directorate Changes

RNS Number : 7941E

Fulcrum Utility Services Ltd

11 May 2017

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

11 May 2017

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or the "Company")

Directorate Changes

Fulcrum Utility Services, the UK's market leading independent multi-utility infrastructure and services provider, announces today that Martin Donnachie, the Chief Executive Officer of the Company, has notified the Board of his intention to stand down from the role on 31 July 2017. Martin has been instrumental in the turn-around of the business over the past four years and has successfully established the Company's profitable track record and growth strategy.

Martin Harrison, the Chief Financial Officer, will succeed Martin Donnachie as Chief Executive Officer on 1 August 2017 following an agreed hand-over period. Martin Harrison has worked closely with Martin Donnachie for three years since joining the Company and played a pivotal role in its profitable growth. Prior to joining Fulcrum, he was Divisional Finance Director of Lafarge Tarmac Contracting from 2010 to 2014 with financial responsibility for the UK and Middle East markets. Previously he spent three years with KPMG, working on M&A and corporate restructuring, and eleven years with Saint Gobain/BPB plc.

To support the Company's continued growth strategy and operational expansion, Ian Foster has been appointed as Chief Operating Officer with effect from 1 August 2017. Ian has worked within the Fulcrum business for over 14 years and is a veteran with over 35 years within the UK utilities industry, having worked for British Gas and National Grid.

Hazel Griffiths, the Group Financial Controller, will succeed Martin Harrison and will take on the role of Chief Financial Officer on 1 August 2017 and will not be appointed to the Board at this stage.

Martin Donnachie commented "I am tremendously proud of what we have achieved at Fulcrum and would like to thank everyone who has helped to create the business we have today. The Company has consistently delivered on its promises over the past four years and we have a great team with a strong blend of experience and capability. I am delighted that Martin is succeeding me at such an exciting time in Fulcrum's development. My intention has always been to take the business through three stages of corporate development: turn-around, profitability and moving into growth. Now that this has been achieved, I am ready to leave the Company in the safe hands of the team."

Phil Holder, Chairman, commented "I would like to pay tribute to Martin on behalf of our Board, our shareholders and employees, all of whom have prospered under his stewardship. Martin has overseen Fulcrum's transformation into a leading player in the utility services industry and we are enormously grateful to him for his leadership and consistent delivery of results. Furthermore, Martin leaves behind a strong and determined management team and committed employees, whom I fully expect to continue to grow and develop the business and deliver continued value for all its stakeholders."

Enquiries:

Fulcrum Utility Services Limited Craig Baugh, Head of Marketing and Communications Cenkos Securities plc (Nominated adviser and broker) Max Hartley (Nomad) / Alex Aylen (Sales) Camarco (Financial PR advisers) Ginny Pulbrook / Tom Huddart

[phone] [phone] [phone]

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider based in Sheffield, UK. The Company's primary business is the provision of utility infrastructure services to the residential, commercial and industrial markets throughout the main land UK. These range from the design, installation or alteration of utility services for single site properties to large complex multi-site projects. Through its subsidiary, Fulcrum Pipelines Limited, Fulcrum is also licensed as an Independent Gas Transporter, owning and operating gas pipelines that connect properties to the main UK gas networks, and a meter asset manager.

http://www.fulcrum.co.uk/

 

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