Fulcrum is a multi-utility infrastructure and services provider operating across the whole of mainland UK.
Fulcrum is a multi-utility infrastructure and services provider operating across the whole of mainland UK. The Group’s main business is the design, build, ownership and maintenance of energy connections and their related utility infrastructure.
The Group operates across the housing, industrial and commercial, smart metering, and utility maintenance and ownership sectors and its services range from the design, installation, modification, ownership and maintenance of utility infrastructure for projects of all sizes and complexity. Fulcrum is also a Meter Asset Manager (MAM) and Meter Operator (MOP), owning and operating meter assets across mainland UK. The business is also licensed as an Independent Gas Transporter (iGT) and Independent Distribution Network Operator (iDNO), owning and operating gas and electrical assets that connect properties to the main UK gas and electricity networks.
Fulcrum currently employs approximately 320 people (including agency staff and consultants). It operates from its head office in Sheffield, its specialist electrical division in Higham and satellite depots across mainland UK.
The registered office of the Company is:
Fulcrum Utility Services Limited
Registered in the Cayman Islands
Company Number FC030006
PO Box 309
UK establishment address:
2 Europa View
Sheffield Business Park
The Company's country of operation is the United Kingdom.
The Company’s shares are solely traded on the AIM Market of the London Stock Exchange (AIM) and the Company is subject to the continuing requirements of the AIM Rules. Following the changes to AIM Rule 26, from 28 September 2018, the Company is required to apply a recognised corporate governance code and report on how it complies with that code. The Board has elected to adopt the QCA Corporate Governance Code. The Board is aware of its responsibility for overall corporate governance, and for supervising the general affairs and business of the Company. We comply with the QCA Code and the Corporate Governance Statement below explains how the Company applies the principles of the QCA Code.
This statement was last updated 6 August 2020.
Read more in our Corporate Governance Statement on compliance with the QCA Corporate Governance Code.
The Board has established an Audit Committee and a Remuneration Committee with formally delegated duties and responsibilities as described below.
The company is not subject to UK City Code on Takeover & Mergers, but the Articles of Association do contain certain protections
The Chairman of the Audit Committee is Philip Holder with Stephen Gutteridge as the other non-executive member. No one other than the Audit Committee's Chairman and member is entitled to be present at a meeting of the Audit Committee, but the Company's external auditor together with the Chief Executive Officer and the Chief Financial Officer are also invited to attend the meetings.
The Audit Committee operates under terms of reference agreed with the Board and meets at least twice a year. The Audit Committee considers the adequacy and effectiveness of the risk management and control systems of the Group. It reviews the scope and results of the external audit, its cost effectiveness and the objectivity of the auditor. It also reviews, prior to publication, the interim results, the preliminary announcement and the Annual Report and Financial Statements.
The Chairman of the Remuneration Committee is Stephen Gutteridge with Philip Holder as the other non-executive member. The Committee meets periodically as required and is responsible for overseeing the policy regarding executive remuneration and for approving the remuneration packages for the Group's Executive Directors and management including all personnel receiving remuneration exceeding £100,000 per annum. It is also responsible for reviewing incentive schemes for the Group as a whole.
As the Board is small, there is and will be no separate Nominations Committee and the appointment of new Directors is considered by the Board as a whole.
|Issued share capital||Number|
|Ordinary shares of 0.1 pence per share||222,117,945|
|Insofar as it is aware, the percentage of AIM securities that is not in public hands||30.64%|
The identity and percentage holdings of its significant shareholders (as at 10 June 2020)
|Name of shareholder||Number of ordinary shares||Percentage of share capital (%)|
|James Sharp & Co (Bolton)||37,148,047||16.72|
|Bayford & Co Ltd (UK)||32,423,981||14.60|
|Harwood Capital (London)||24,515,000||11.04|
|Killik Asset Mgt (London)||12,593,986||5.67|
|Hargreaves Landsdown Asset Mgt (Bristol)||8,473,168||3.81|