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Fulcrum Utility Services swung to an annual losses as exceptional costs including the impairment of assets weighed on results.
For the year ended 30 June, pre-tax losses were to £11.5 million compared with a profit of £1.3 million last year, while revenue was up 2.2% to £47.1 million.
Exceptional costs included the income statement impact of the impairment of the company's utility asset portfolio of £1.9 million, a £4.9 million impairment of goodwill, brands and customer relationships, software and development costs and £1.5 million of restructuring and one off legal and advisor costs which in the current year included costs incurred in the group's response to the proposed tender offer from Harwood Capital LLP.
'Considering the loss for the year and the continuing near-term economic uncertainty, the board will not be recommending the payment of a dividend.'