Fulcrum grows order book to £69.4m and returns to pre-COVID-19 levels of activity
23 Sep 2020
Fulcrum, the independent multi-utility infrastructure and services provider, has seen activity levels rise to pre-COVID-19 levels, including growing its order book by five percent and securing several significant contracts.
Ahead of its AGM, which takes place on 23 September, the group has issued a trading update, which reports increased momentum in key markets.
As of 31 August 2020, the group’s order book had also increased to £69.4m, up from £66.2m at the end of its last financial year, which ended 31 March 2020.
During the first quarter of its 2021 financial year, Fulcrum saw an increase in activity month-on-month, as lockdown restrictions eased, which has continued with pace into the second quarter.
This has included securing a variety of contracts across its key market sectors as it continues to develop its role supporting the UK’s net-zero and smart energy revolution.
Fulcrum has experienced a high level of enquiries from the housing market as housebuilders aim to meet demand stimulated by the government’s Stamp Duty holiday. Project wins include a £1.1million contract to deliver a full multi-utility solution to a major development of 500 homes.
Within its Industrial and Commercial operation, Fulcrum has secured a number of projects including a £700,000 contract to design and install electricity infrastructure as part of an extension to a UK shopping mall. Other projects secured include a £700,000 contract to deliver a full multi-utility solution to a large new commercial development and a £600,000 gas infrastructure contract to deliver a new pipeline of more than two kilometres to a renewable energy project for a food waste recycling specialist.
As part of its net zero strategy, Fulcrum continues to grow its presence in the Electric Vehicle charging market and in the first half of the year secured a significant project with a major Charge Point Operator to design and install EV charging infrastructure for a national UK retailer.
Fulcrum is also building up a strong portfolio of gas and electricity supplier customers in the smart metering sector to support their regulatory obligations to exchange 30 million domestic meters in the UK to smart meters by mid-2025.
In the period Fulcrum secured new agreements with domestic energy suppliers including Square 1 Energy, Colorado Energy and Goto Energy. The Group has also secured its first commercial smart metering contract with Bryt Energy and, as a result, is now responsible for more than 100,000 smart metering points in the UK.
Daren Harris, Fulcrum CEO, said: “Although 2020 continues to present short-term market challenges, our ability to operate effectively through the COVID-19 pandemic is proven. There also remains a substantial, long-term, opportunity for the Group to significantly grow its revenues across the attractive markets it serves given the UK’s net-zero ambitions and its smart energy revolution.
“We are also very encouraged by the Group’s ability to bounce back from the initial impact of COVID-19 in the first quarter of the financial year, and we are pleased to confirm that activity levels returned to pre-COVID-19 levels in the second quarter.
“However, we are not complacent and remain mindful of the current market challenges. We continue to carefully manage our costs, considering the short-term uncertainty created by COVID-19, but also recognise the need to ensure we are best positioned to capitalise on the opportunities presented by the need to decarbonise the UK’s economy.”