Business model

Fulcrum utilises its strengths, capabilities and resources to provide long-term, sustainable value for all its stakeholders.

How our business model creates value

We have developed a market-leading business model that delivers value for all our stakeholders.

  • Operating in attractive markets that will grow and be driven by the net-zero 2050 target
  • Significant potential to grow market share in existing markets and to expand into geographies with limited presence and market share
  • Highly skilled, engaged and customer focused people
  • Expanded and increasingly efficient direct delivery workforce
  • Strong people development and succession planning focus
  • Experienced and dedicated leadership team
  • High proportion of repeat customers with growth and cross-selling potential
  • A significant opportunity to target new customers
  • The combined strengths of Fulcrum and ESP will support the winning of contracts previously unobtainable to the Group
  • Innovative adoption solutions provide added customer value

How we make money




New opportunities

  • Secured though new business development and maintaining existing customer relationships

Multi-utility infrastructure proposal

  • Optimum, customer-led and competitive design, build and adoption solution proposed
  • Cross-selling where possible to maximise project revenue

Added value from ESP relationship

  • ESP’s market leading Asset Values (AVs), balance sheet strength and innovative adoption solutions strengthen Fulcrum's proposal
  • ESP provides Fulcrum with new design and build opportunities

Competitive and cash positive payment profiles

  • Fulcrum's stronger balance sheet and an ESP adoption, enables more attractive payment profiles for larger contracts

Project won

  • Order placed
  • Asset value order confirmed


  • Proactive project management and efficient direct delivery model

Asset Values unlocked as ESP adopts

  • Asset values received in cash as milestone achieved or meters are installed


  • On time and on budget focus
  • Ongoing maintenance and ownership opportunities

Value created

  • Strong order book at £66.2 million, up 9% year on year
  • A high-performance culture where everyone’s contribution is valued and rewarded 
  • More career and personal development opportunities
  • Strong customer relationships generate repeat business
  • A broad multi-utility product offering, delivered by a single provider, makes the delivery process easier for the customer and supports effective cross-selling
  • Sale of gas assets to ESP will generate surplus cash
  • Revenue growth and sustainable margins support share price growth

Delivered with Spirit

Six core values keep the Fulcrum Spirit alive throughout everything we do.

Read about our Spirit values