- Fulcrum Utility Services' underlying earnings before interest, tax, depreciation and amortisation fell to £0.6m in the year to the end of March - down from a restated £1.3m last time.

Revenues were down 1.2% at £38.3m and gross profits fell to £9.5m from £12.3m as margins dropped to 24.8% from 31.6%.

Administrative expenses before exceptional items fell to £10.2m from £13.2m and the operation loss before exceptional items narrowd to £0.7m from £0.9m.

Chief executive Martin Donnachie said: "Fulcrum is now in a much stronger financial position. Our cash position is robust and our cost base is under control. I firmly believe that Fulcrum is well-placed to increase its turnover and there are opportunities for substantial growth in several areas of the business. Delivering more major projects, taking advantage of the reinvigorated house building market, expanding our multi-utility offering and further developing our web-based sales channel will be Fulcrum's objectives in the coming year."

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