14th Dec 2022 14:43
(Alliance News) - Fulcrum Utility Services Ltd on Wednesday posted a widened interim loss as administrative costs for exceptional items ballooned.
The Cayman Islands-registered multi-utility infrastructure and services provider said pretax loss in the six months to September 30 increased to GBP20.3 million from GBP1.3 million a year prior. Revenue fell 16% to GBP23.9 million from GBP28.6 million.
Meanwhile, administrative costs for exceptional items increased dramatically to GBP12.7 million from just GBP184,000.
Fulcrum in September said it was hit by a cyber attack, but had added that no data was breached.
Looking ahead, the company said it initiated a review of its strategic options to maximise value for all shareholders and to ensure adequate working capital.
Chair Jennifer Babington said: "The board and I are disappointed in these results but remain confident that the business is taking the necessary actions to turn the group's performance around. This is a challenging task, taking longer than anticipated, as improvements are being implemented alongside turbulent and difficult economic conditions. Despite these challenges, the medium to long-term growth opportunities for the group remain clear and are underpinned by strong market drivers and government stimulus."
The company said that it continued to "win a strong succession of new contract wins continues to build a healthy pipeline of new opportunities."
Fulcrum Utility shares fell 13% to 1.35 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News reporter
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