In a trading statement published today (28/3/19), which provides an update ahead of its financial year end on 31 March 2019, Fulcrum has highlighted the progress made in the past 12 months as part of its growth strategy.
This growth has led to the company forecasting revenue for its current financial year to be approximately £57 million, up from £44.6m in 2018, and its adjusted EBITDA expected to be approximately £11 million, up from £8.4m in the previous year.
The company has achieved an increase in its order book to £47 million, as at 28 February 2019, up £8.7 million from £38.3 million in the previous year. This increase comes as a result of securing a broad base of multi-utility, dual fuel, gas, electricity, new housing and electric vehicle charging infrastructure projects.
It also incorporates the benefits of the cross-selling with Dunamis, the specialist electrical infrastructure specialist that has been integrated into the Fulcrum Group following its acquisition in 2018.
Fulcrum Group company, Dunamis, is actively supporting the Group’s entry into the electric vehicle charging market. Fulcrum is working with a number of charging network providers and energy suppliers with Dunamis securing and delivering EV contracts during the second half of the year.
Also, in the second half of the year, Fulcrum has benefited from a relatively buoyant housing market, which has led to a larger volume of projects being secured and delivered. This has also benefited Fulcrum’s asset adoption strategy and seen continued growth in its utility asset estate and the associated annuity revenue streams.
As a result of the adoption of assets Fulcrum constructs, as well as those purchased from external utility contractors, the company’s committed capital spend increasing to £18.3 million by 28 February, an increase of £7.9m since 31 March 2018.
Fulcrum also entered the smart metering market during the year and gained the accreditations to install, own and operate smart meters and is currently progressing a number of material opportunities.
Martin Harrison, Chief Executive of Fulcrum, said: "We continue to see sustained growth in our gas infrastructure and asset business and are encouraged by the smart metering, cross-selling and electric vehicle charging opportunities for the company.
“We remain confident that the successful execution of the Company’s strategy and balanced approach to the industrial, commercial and residential markets will deliver long term, sustainable growth for Fulcrum.”