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Fulcrum Utility Services Ltd - Board Update

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("Fulcrum" or the "Company")

Appointment of CEO

Promotion of COO to plc Board position

Fulcrum Utility Services Limited, the UK's market leading independent multi-utility infrastructure and services provider, announces the appointment of Daren Harris as Chief Executive Officer with immediate effect.

The Group also announces the appointment of Terry Dugdale, Chief Operating Officer (Gas), to Group Chief Operating Officer and to the Board as an executive director with immediate effect. 

Appointment of Daren Harris as CEO

Daren joined the Company and its Board as Chief Financial Officer on 24 June 2019, bringing significant experience gained in various senior and Board level roles in the construction, contracting, electrical engineering and energy services sectors.  Prior to joining the Group, he was Group Finance Director of The Byrne Group, a construction services provider which during his tenure achieved turnover in excess of £300 million and Group Finance Director of NG Bailey, a £400 million turnover engineering and services business.  Daren is a member of The Institute of Chartered Accountants in England and Wales.

Daren Harris, Fulcrum's CEO, said: "I am delighted to be taking the position of CEO at Fulcrum at an exciting time for the Group. We now have a clearer focus on designing and building new domestic and I&C utility connections, which we will deliver with the highest levels of customer satisfaction.

Since joining Fulcrum as CFO last year, I have been impressed by the quality, experience and passion of the people in the business and the Group's significant growth potential, which is supported by a strengthened balance sheet following the proposed sale of our domestic utility assets to ESP. I am delighted to be leading the Group as CEO and, with the rest of the Fulcrum team, am committed to delivering the greatest sustainable value for our shareholders and stakeholders."

Following Daren's appointment as CEO, the Board has commenced a process to identify a new Chief Financial Officer.  An Interim Financial Director will be appointed in short order while the search for a CFO is underway.

Appointment of Terry Dugdale to the Board

The Group's senior team was strengthened with the appointment of Terry as Chief Operating Officer in 2019, who has an established track record of driving innovation and performance in the operational delivery of utility infrastructure in the independent multi-utility contracting sector. He has been appointed to the Board as executive director with immediate effect. Terry is an Incorporated Engineer and is a member of both the Institute of Gas Engineers and Managers and the Institute of Directors.

Phil Holder, Fulcrum's Chairman, said:

"The combined expertise that Daren and Terry have across the independent multi-utility, contracting and energy services sectors will be invaluable in delivering the Group's strategy and long-term growth at an exciting time for our end user markets.

I am delighted that Daren has agreed to accept the CEO role. The Board has been incredibly impressed with Daren's performance during his tenure as CFO for the Group, and we are confident in his ability to drive the business forward and deliver the Group's strategic growth. 

We are also very pleased that Terry will be joining the Board as Group COO. The business is already benefitting from his extensive experience in the multi-utility contracting sector and Terry will continue to drive operational excellence to support the Group's growth plans."