Sheffield-based Fulcrum Utility Services Limited has announced plans to delist from the AIM market of the London Stock Exchange for reasons including “the significant cost … and the management time and the legal and regulatory burden associated with being a quoted company.”

The delisting plan requires the consent of not less than 75% of votes cast by the company’s shareholders at a general meeting. The firm said it has already received irrevocable undertakings from shareholders representing 57.31% of its issued share capital to vote in favour of the plan.

Shares of Fulcrum Utility Services have fallen about 95% over the past year, leaving the firm with a stock market value of just over £1 million.

The company — which designs, builds, owns, and maintains utility infrastructure — also announced results for the year to March 31, 2023, showing revenue down 18% to £50.6 million and a loss before tax of £25.7 million.

“The directors have undertaken a review to evaluate the advantages and disadvantages to the company and its shareholders of retaining the admission to trading on AIM of the company’s ordinary shares,” said Fulcrum in a stock exchange statement.

“This review has included, amongst other matters, the company’s limited prospects of raising additional equity financing on AIM given its current investor base, the limited trading in the company’s ordinary shares, the significant cost associated with maintaining the company’s admission to trading on AIM and the management time and the legal and regulatory burden associated with being a quoted company.

“As a result, the directors have concluded that the proposals are in the best interests of the company and its shareholders as a whole …”