Reported in its preliminary results for the financial year ending 31 March 2019, Sheffield-based Fulcrum secured increased revenues of £48.9 million, up 20.4 percent on the previous year. Its EBITDA has increased by 16.8 percent to £10.0 million, with adjusted profit before tax up 8.9 percent to £8.6m*.
The group has also delivered sustained growth in its order book, up 41 percent since March 2018, to £60.5 million. This reflects Fulcrum’s continuing strategy to build upon its strong position in the gas infrastructure sector with increased activity in the UK’s multi-utility markets.
This has enabled the group to secure a number of dual fuel and multi-utility projects, most significantly in the housing sector where it has achieved increased orders worth £18.7 million, up 74 percent on the previous year.
The group’s increased multi-utility capabilities for its domestic, commercial and industrial customers have been bolstered by the continued integration of electrical infrastructure specialists Dunamis and electrical maintenance company Maintech Power, into its operations following their acquisition in 2018.
Importantly it has also become an established provider of electrical installation and maintenance in areas embedded in the UK’s accelerating transition to a low carbon economy such as solar farms, wind generation, battery storage and electric vehicle (EV) charging.
Having entered the smart metering market earlier in 2019, after achieving both Meter Operator (MOP) accreditation and Meter Asset Manager (MAM) accreditation, Fulcrum launched its Meter Asset Provider (MAP) business. This led to its first installation contract for 90,000 smart meters, forecast to generate revenues of £12.0 million over a three-year period.
Further progress has also been made in the EV charging infrastructure sector, with £1.0 million of projects secured for Fulcrum’s integrated design, build and connection service.
Fulcrum’s ability to own and maintain the utility assets it installs, has also delivered increased revenues of £3.0 million, an increase of 50 percent on the previous year.
Contributing to these revenues has been income from assets acquired from other infrastructure installers as a result of holding independent Distribution Network Operator (iDNO) and independent Gas Transporter (iGT) licences. As a result, Fulcrum’s total asset ownership increased by £19.9 million.
Martin Harrison, CEO of Fulcrum, said: “FY2019 has been a year of progress for the Fulcrum Group. The nature of the UK’s ongoing requirement for investment in its new utility infrastructure networks provides us with long-term prospects for continued growth. The Group has established a positive reputation across its markets through a track record of reliable and responsive delivery, evidenced through our relationships with customers.
Whilst we remain vigilant of the short-term impacts of economic and political uncertainty, and expect a softening of the Infrastructure Services market in the current financial year, our strategy to broaden our range of services, especially electric vehicle charging infrastructure and smart metering installations, will continue to provide long-term, sustainable growth opportunities. We look forward to progressing on our strategic priorities over the next 12 months. With the combined expertise, drive and dedication of our employees across the Group, we have a real opportunity to rapidly develop our position within the utility services market. We are confident in our ability to deliver incremental value to our stakeholders.”