Sheffield infrastructure firm Fulcrum reports growth in revenues and pre-tax profit

Fulcrum, the independent multi-utility infrastructure and services provider, has reported increased revenues, pre-tax profits and sustained order book growth in its half-year results for 2017/18.

In the six months to 30 September 2017, the Sheffield-based company achieved a record EBITDA of £4m on increased revenues of £19.6m, up by 8.3% during the same period in 2016. Fulcrum also achieved a 19.4% increase in pre-tax profit to £3.7m.

The company’s order book has risen by 11% since March 2017 to £33.7m, with a number of notable contract wins, including a £2.4m project 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.

Fulcrum was also awarded a range of commercial and residential projects, including the conversion of a Scottish whisky distillery from its existing fuel source to natural gas with the installation of a 1.8km pipeline, and multi-utility contracts to new housing development across the UK.

Fulcrum’s continuing growth strategy is spearheaded by the creation of profitable income by increasing ownership of utility infrastructure assets. This includes adopting the gas pipeline and meter assets it constructs and installs, alongside assets from other Utility Infrastructure Providers that do not have an independent gas transporter licence.

During the six-month period, Fulcrum increased its owned portfolio of domestic, industrial and commercial gas assets across from the UK by £1.3m to £13.1m.

Martin Harrison, CEO of Fulcrum, said: “The successful execution of the company’s strategy continues to place Fulcrum in a strong financial and operational position. We remain committed to safety and excellent customer service, enhancing our in-house multi-utility capabilities and growing infrastructure services and the asset base.

“Fulcrum is also expanding its service offering to provide an end-to-end EV charging infrastructure solution by suppling and installing electric vehicle charging stations. The company sees this as an evolution of its existing electricity infrastructure provision in an exciting and growing market.

“Fulcrum’s strategy provides a solid foundation to build upon the performance achieved in the first half of the year and the outlook remains positive for the full year 2018.”