Fulcrum generates £2m order book growth across UK utility markets

26 Sep 2018

Fulcrum, the UK’s leading independent multi-utility infrastructure and services provider, has reported a £2 million growth in its order book.

The Sheffield-based PLC confirmed the five percent order book increase, to £44.1 million, in a trading update for the six months ending 30 September 2018.

In line with its growth strategy, Fulcrum has also continued to grow its utility asset ownership portfolio, and associated revenue streams, by adopting the assets its constructs and installs.

This is accompanied by utility asset purchases from external utility contractors, which has seen sustained growth with the committed capital spend increasing from £10.4 million, as of 31 March 2018, to £15.0 million by 31 August 2018. The cash will be spent in the months and years ahead as these schemes are developed, increasing future transportation income. The Company has an undrawn debt facility of up to £20.0 million.

Also supporting its strategy is the continued integration of Dunamis, following the acquisition of the electricity infrastructure services provider earlier this year. Dunamis’ electrical capabilities have enhanced Fulcrum’s position in the electricity and dual fuel markets and is supporting its expansion into specialist electricity infrastructure services, including electric vehicle charging solutions.

Fulcrum has also taken a step forward to meeting its future Smart Metering strategy by becoming an accredited Meter Operator (MOP). Complementing its position as a Meter Asset Manager and Meter Asset Provider, this new status underpins the company’s future plans to install and adopt smart meters as part of its multi-utility service offering.

The company also confirmed that its strong performance during the six-month period and the execution of its growth strategy have given its Board confidence that results will be in line with market forecasts for the financial year ending 31 March 2019. Fulcrum will announce its half-year results on Tuesday 4 December 2018.

At its AGM, held on 26 September, the Board will propose a resolution for the payment of a final dividend of 1.4 pence per ordinary share, taking the total dividend paid for the year to 2.1 pence for the year, compared to 1.9 pence in 2017.   If the resolution is passed, the final dividend will be paid on 26 October 2018 to shareholders on the register on 28 September 2018, with an ex-dividend date of 27 September 2018.

Martin Harrison, Chief Executive Officer, stated: “Our joined-up capabilities to design, build, own and operate utility infrastructure has underpinned the delivery on our strategy of infrastructure and utility asset growth. We have delivered our projects safely and maintained our track record of excellent customer service. The integration of Dunamis has helped to further enhance our market position in the UK gas and electricity markets. We therefore look with confidence to the full year 2019 and beyond.”