Sheffield's Fulcrum sees order book surpass £33m after 'successful execution' of growth strategy

Fulcrum, the independent multi-utility infrastructure and services provider, is in a ‘strong financial and operational position’ after reporting its financial performance during the past six months.

For the six months ending 30th September 2017, the Sheffield-based company reported new contract wins and growth in its acquired utility assets.

In a pre-close trading update, Fulcrum has seen its order book increase by 11% to £33.7m since March 2017.

Fulcrum, which delivers multi-utility infrastructure services to British residential, commercial and industrial markets, has secured a number of significant projects in this period.

Among them is a £2.4m contract to deliver new gas infrastructure to three Short Term Operating Reserve (STOR) sites across the UK. These sites will convert gas to electricity at times of peak demand.

The company has also been awarded a £400k project to convert another distillery in Scotland from its existing fuel source to natural gas with the installation of a 1.8km gas pipeline.

Fulcrum has continued to build its presence in the UK house building sector providing infrastructure services to a number of developments.

These have included a £200k multi-utility contract to deliver gas, water and electricity infrastructure to a new 61-plot housing development in the West Midlands, and another £200km dual fuel contract in the South East to install gas and electricity connections to 101 new homes.

Fulcrum is also growing the annuity revenue streams associated with the adopted assets it constructs, alongside assets it acquires from other Utility Infrastructure Providers (UIPs). The growth in the gas assets secured from UIPs has seen Fulcrum’s committed external capital spend increase from £2.8m, as at 31st March 2017, to £6.4m at 31 August 2017.

Fulcrum is also on course to secure an Independent Distribution Network Operator (IDNO) licence by the end of 2017, which will enable the adoption and ownership of electricity assets from early 2018.

As a result of the company’s recent performance, the board expects that its results will be in line with market forecasts for the financial year ending 31st March 2018. Fulcrum will announce its half-year results on Tuesday 5th December 2017.

Martin Harrison, chief executive officer, stated: “The successful execution of the company’s strategy continues to place Fulcrum in a strong financial and operational position.

“Our commitment to customer service excellence, the enhancement of our in-house multi-utility capabilities and sustained focus on construction and asset growth, provide a robust foundation to build upon the performance achieved in the first half of the year.

“We therefore look with confidence to the full year 2018 and beyond.”