Sheffield’s Fulcrum reports a pre-tax profit of £4.3m after “exciting and successful” year

Fulcrum, the Sheffield-based independent energy and multi-utility services provider, has announced a strong set of financial results for the past year.

With national coverage and over 1,200 clients, the company has reported a profit of £4.3m before tax for the year ending 31 March 2016, up from £600k in the previous year.

These results reflect strong performance through new contract wins, alongside Fulcrum’s transition to a direct delivery, fully branded operating model.

During the year, Fulcrum won an array of major new gas, electricity and multi-utility contracts, including a second contract with Scotland’s whisky industry. The £4m contract, to install a 13km pipeline to link Scotland’s main gas network to four Speyside distilleries, was completed one month ahead of schedule.

Additional new contracts won included works for redevelopments at Royal Albert Dock, Chelsea Barracks and Battersea Power Station. Furthermore, Fulcrum obtained its first contracts to deliver infrastructure to biogas and Short Term Operating Reserve (STOR) sites.

Fulcrum gained an extension to its longstanding framework contract with British Gas, which tasked the company with providing gas and electricity connections and metering services to British Gas customers in England, Scotland and Wales, which will run until January 2018.

Martin Donnachie, CEO of Fulcrum, said: “The past year has been a very exciting and successful period at Fulcrum. Amongst a number of landmark achievements was the implementation of our new direct delivery model. That move represented a significant change in our history and helped us to improve performance across the company.

“The talent of our people, together with the scalable and profitable operating platform that has been created, have enabled significant and diverse contract wins. We are now striving for sales growth across all of our routes to both the gas and electricity markets, and we are driving a continuous improvement ethos to deliver incremental operating efficiencies. This will combine to enhance long-term future profitability and cash generation.”

Phil Holder, chairman of Fulcrum, added: “Fulcrum has continued to make excellent progress this year, achieving our objectives and strategy. With a sustained focus on customer service excellence, we can look forward to building on recent contract wins and further expanding our multi-utility services.

“The Group’s order book and operating cash flow both remain strong and support our strategy for growth. We believe the outlook remains positive and that the Group continues to be well positioned to make further progress in 2017.”