Fulcrum Utility Services Limited

("Fulcrum", the "Group" or the "Company")

Directorate Change

Fulcrum announces that Terry Dugdale, CEO of the Company, has decided to step down from his role as CEO in order to resume an operational role within the business.  He will step down from the Board with immediate effect and resume the role of Group COO ("GCOO").

The Board is pleased to announce that Antony Collins has agreed to join the Group as Interim Chief Executive Officer.  Antony brings extensive experience combined with powerful implementation and leadership skills.  He has a strong operational background in managerial control and processes which, combined with Terry's knowledge of the business and operational capabilities, gives the Board confidence that Antony is well placed to lead the Group whilst a permanent successor is sought.  Most recently Antony was Interim CEO at Carclo plc.

Terry Dugdale commented, "It has been a pleasure leading Fulcrum through the recent challenging times which have seen many changes in the Group. I am looking forward to stepping back into the operational side of the business and delivering value through operational excellence.  I became CEO in January 2021 with a mandate to build a foundation for growth. This, I believe, has been achieved; the Group now has an identified strategy for expansion and the funds with which to execute it. It is now time for me to execute on this strategy in an operational capacity and I look forward to working with Antony in this regard."

Jennifer Babington, Non-Executive Chair of Fulcrum, said, "The Board would like to thank Terry for his contribution to the Group during his time as CEO, most notably leading the Group through the recent fundraise. Terry joined the Company as GCOO in March 2019 and with his operational strength it makes sense for him to focus his time on the operational side of the business and resume the role of GCOO in order to best support the Group's growth objectives. 

I believe that the Group now has a firm platform for growth and the Board is excited by the long-term growth opportunities ahead for the Company and looks forward to updating the market on the Company's progress."

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Fulcrum Utility Services Limited

Jennifer Babington, Non-Executive Chair                                                              +44 (0)20 7397 8900

Cenkos Securities plc (Nominated adviser and broker)

Camilla Hume / Callum Davidson (Nomad) / Michael Johnson (Sales)       +44 (0)20 7397 8900

Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider. The Group operates nationally with its head office in Sheffield, UK. It designs, builds, owns and maintains utility infrastructure and offers smart meter exchange programmes.

https://investors.fulcrum.co.uk/