Fulcrum Utility Services has announced its intention to cancel its share listing on London's Alternative Investment Market (AIM) in an effort to reduce costs. The decision follows a strategic review and is expected to contribute to the company's return to profitability by eliminating significant ongoing expenses and simplifying its operations.
In fiscal 2023, the utility infrastructure and services provider reported a widened pretax loss of £25.7 million ($32.7 million), compared to a loss of £14.2 million the previous year. Revenue also declined by 18% to £50.6 million.
Fulcrum's adjusted loss before interest, taxes, depreciation, and amortization - the company's preferred metric that excludes exceptional and one-off items - amounted to £6.2 million in fiscal 2023, in contrast to a positive adjusted EBITDA of £499,000 in the prior year.
"While our fiscal 2023 results reflect the challenges we faced and the legacy issues, we are now in a stronger position and fully dedicated to our path back to profitability as we continue to make rapid improvements," the company stated.