News: Fulcrum receive final settlement from National Grid

Rotherham based energy solutions company, Fulcrum, has received a payment of £8.2m from the National Grid for the surrender of tax losses.

The settlement is for the period prior to completion of the acquisition of Fulcrum Group Holdings Limited from National Grid in July 2010 by Marwyn Capital.

The reverse takeover saw an experienced new management team brought in to turnaround loss-making operations and re-establish the business as a market leader.

The group also raised approximately £11m through a share issue to fund the takeover, provide working capital and finance the proposed turnaround strategy and the group stated that the £8.2m settlement will also be used to fund working capital.

Based on Greasborough Road, Fulcrum designs and project manages connections to gas pipelines for customers seeking either a new connection or the alteration or refurbishment of an existing connection.

In an update to the stock exchange the company added that trading in the business since acquisition has been broadly in line with management expectations and management expect Fulcrum's cash position at the year end to be better than anticipated. Strong overall revenue performance has largely offset the effect of the adverse weather conditions during December which significantly disrupted work planned for that month.

Fulcrum website