Expansion into new markets and organic growth delivers revenue and profit growth at Fulcrum

4 Dec 2018

Fulcrum, the UK’s leading independent multi-utility infrastructure and services provider, has achieved a 49 percent growth in its revenues and profits of £4 million, following its expansion into new markets including electric vehicle charging and smart metering.

In its interim results for the six-month period ending 30 September 2018, the Sheffield-headquartered company achieved revenues of £29.2 million, up from £19.6 million for the same period in 2017.

Fulcrum has also reported a record adjusted EBITDA of £5.4 million and profit before tax of £4 million, which has enabled the Board to recommend an interim dividend of 0.75 pence per share for the financial year 2019, an increase of 7.1 percent against the previous year.

The Group, which employs 280 people, has also strengthened its order book to the value of £45.8 million, an increase of 8.8 percent since March 2018.

The growth has been delivered through the strong performance of the Group’s operations for the installation of gas and electricity infrastructure and its utility asset ownership business, which generates long-term sustainable income through the adoption of utility connections that the company and other gas and electricity utility contractors construct.

It has also been supported by the successful integration of Dunamis and CDS Pipe Services Ltd, which were acquired by Fulcrum earlier in 2018. These results represent the first full six months in which Dunamis and CDS have been part of the Group.

The addition of Dunamis and its capabilities has enhanced Fulcrum’s position in the electricity and dual fuel markets and has supported the Group’s expansion into specialist electricity infrastructure services, which includes the electric vehicle charging market.

In the period, Dunamis has delivered a number of projects including high voltage electricity infrastructure for a battery storage site and a series of electric vehicle charging station infrastructure contracts.

Further expansion in the Group is taking place in the Smart Metering market with investment in IT systems and the securing of its first agreement with an energy supplier. This follows on from Fulcrum obtaining Meter Operator (MOP) accreditation in September, giving the Group all of the accreditations required to install, adopt own and operate smart meters.

Martin Harrison, CEO of Fulcrum, said: "These results reflect the continued successful delivery of the Group’s long-term strategy and our commitment to meeting customer demand across each of our routes to market across mainland UK.

“The Group continues to invest in the business to drive sales growth, improve operational capacity and efficiency and push for ever higher levels of customer satisfaction.

“We have a robust platform to continue to successfully deliver our strategy, supported by strong order book growth, expansion in to new markets and an experienced leadership team. We believe we are well positioned to deliver further high quality, sustainable growth.”