Half year results demonstrate recovery and resilience as Fulcrum grows across multiple sectors

2 Dec 2021

Fulcrum, the leading independent net-zero focused multi-utility infrastructure and services provider, has demonstrated its strong recovery since the Covid-19 lockdowns and its resilience in the evolving and turbulent energy market in its latest interim results.

For the six months ending 30 September 2021, the Sheffield-based Group has seen revenues increase on the previous six months to £28.6 million, up from £19.5 million.

Demonstrating its presence in multiple markets including housing, industrial and commercial, smart metering and electric vehicle charging infrastructure, Fulcrum has achieved significant order book growth, which, as of 30 September 2021 stands at £80.9 million.  A 44% increase on the period from 31 March 2021, up from £56.1 million.

In line with a trading update issued by Fulcrum in September, Fulcrum continues to secure a broad portfolio of contracts, which includes a five-year agreement, anticipated to be worth £20 million with energy supplier E to manage its 320,000 meter points and exchange an expected 80,000 meters to smart technology.

In the housing sector, projects won include two contracts, worth a combined £5.9 million, to deliver multi-utility infrastructure at a major scheme, Fairham, as well as a £1.1 million contract to design and install multi-utility connections to 715 new homes on behalf of a national house builder.

Fulcrum also continues to be highly active in the industrial and commercial property market, with schemes including a £5.5 million contract to design and install 21.1km of multi-utility infrastructure that will heat and power a large-scale greenhouse and a £4.9 million contract to design and install high voltage electricity, water, and gas infrastructure for a major new innovative employment park.

Highlighting the diversity of its group capabilities, contracts in this period include securing a five-year agreement to undertake high voltage electrical maintenance for two new 50MW battery storage facilities located in Kent and Oxford, which will provide power to sites including a new EV charging Superhub.

Fulcrum has also continued its staged transfer of its domestic gas assets to ESP.  On 30 November 2021, the fourth tranche of assets transferred for a total consideration of £2.8m.  To date, in its 2022 financial year, Fulcrum has successfully completed the third and fourth tranches in the transfer of its domestic customer gas connection assets, for a total consideration of £6.6m.

The Group also continues to evaluate opportunities in other areas of the market. In particular, this includes the smart energy infrastructure sector where strong government stimulus and an increasing regulatory framework present significant and strategic growth opportunities.

Terry Dugdale, CEO, said: “We have made good progress across all areas of the business in the first half of the year. Our order book is healthy and continues to grow.  The resilience demonstrated by Fulcrum to date in the face of ongoing turbulence in the energy market is, I believe, a testament to the robustness of our business model, diverse operations and order book strength.

“Our continued focus on stabilising the business and strengthening its foundations has enabled us to grow in our core markets and provides a robust platform from which to grow the business further.  The backdrop of the UK’s smart energy revolution and vision for a net-zero future presents Fulcrum with significant and strategic growth opportunities and I am excited by the future prospects for the business."