Fulcrum grows order book to £81.1m with a raft of new contract wins
29 Sep 2021
Fulcrum, a leading independent net-zero focused multi-utility infrastructure and services provider, has reported significant order book growth for the first half of the year.
The company, which delivers energy infrastructure to power the UK’s net-zero future, including the smart energy revolution and the Electric Vehicle (EV) charging network, has achieved growth in its order book by 45 percent, up £25 million to £81.1million at 31 August 2021.
Announced in a Trading Update ahead of its Annual General Meeting held at Fulcrum’s headquarters in Sheffield, the growth is a result of securing a series of high value contracts in its core markets, including the multi-utility infrastructure, renewables and smart metering sectors.
Part of the order book growth is attributed to Fulcrum’s expansion in smart metering activity, where its order book increased by £19 million to £29.4 million. This includes a five-year agreement, anticipated to be worth £20 million, with energy supplier E to manage its 320,000 UK meter points and exchange 80,000 points to smart meters.
Fulcrum has also continued to service the UK’s buoyant housing market and aims to continue to increase its market share on the back of growing its order book.
Projects secured in the first half of the year include a pair of contracts, with a combined value of £5.9 million, to deliver multi-utility infrastructure at a major new development in Fairham, Nottinghamshire. As preferred utility partner for the scheme, the Group also has the opportunity to deliver multi-utility connections for the development’s 3,000 new homes in the future.
Fulcrum also secured, among others, a £1.1 million contract to deliver multi-utility connections to 715 new homes on behalf of a national home builder and a £1 million project to install multi-utility infrastructure to connect 412 new homes on behalf of a national developer.
Within its Industrial & Commercial division, Fulcrum has secured a range of projects including the delivery of high voltage Electric Vehicle (EV) charging infrastructure to power a commercial fleet, and a major £5.5 million contract to design and install multi-utility infrastructure to support sustainable vegetable production at a large-scale greenhouse in Cambridgeshire.
Other Industrial & Commercial contracts included a £4.9 million contract to design and install a high voltage electricity, water, and gas infrastructure for a major new innovative employment park, in the West Midlands, and a £1.6 million project to deliver a 7km gas pipeline to help power a significant new sustainable cereal processing plant in Northamptonshire.
Fulcrum’s portfolio of Industrial & Commercial utility assets continues to deliver long-term returns with potential for further investment and growth. The company has made good progress in the execution of its strategy in the period, successfully completing the planned transfer of the third tranche of its domestic customer gas connection assets to ESP on 1 June 2021, for a total consideration of £3.8 million.
Fulcrum, additionally, is supporting the UK’s energy generating and distributing infrastructure with maintenance services, which includes a five-year high voltage electrical maintenance contract for two new 50MW battery storage facilities located in Kent and Oxford, which will provide power to sites including a new EV charging ‘Superhub’.
Terry Dugdale, CEO, said: “I am pleased with the progress the Group has made in the first half of the Financial Year. Our focus on growth in our core markets and our improved ability to win larger contracts, delivered a strong succession of significant contract wins and resulted in a healthy order book growth. At the same time, our focus on financial strength, cost and margin has been unwavering.
The positive progress we are making across all our core markets gives me confidence for the full year and beyond. I see significant opportunities for the business and so it is pleasing that the Group continues to be increasingly better positioned to take advantage of the many and significant opportunities presented by the UK’s smart energy revolution and the utility infrastructure the UK needs for a net-zero future.”