Infrastructure business secures £2m order book growth
Fulcrum, the independent multi-utility infrastructure and services provider, has reported a £2m growth in its order book.
The Sheffield-base firm announced the 5% order book increase, to £44.1m, in a trading update for the six months ending 30 September.
In this period, two contracts were built out: a large gas pipeline to a food manufacturing plant and a large high voltage electricity infrastructure project for a battery storage site.
Fulcrum has continued to grow its utility asset ownership portfolio, and associated revenue streams, by adopting the assets its constructs and installs.
This is accompanied by utility asset purchases from external utility contractors, which has seen sustained growth with capital spend increasing from £10.4m, as of 31 March, to £15m by 31 August 2018.
The cash will be spent in the months and years ahead as these schemes are developed, increasing future transportation income. The company has an undrawn debt facility of up to £20m.
Fulcrum is also continuing to integrate electricity infrastructure services provider Dunamis, which it acquired earlier this year.
Dunamis’ electrical capabilities have boosted Fulcrum’s position in the electricity and dual fuel markets and is supporting its expansion into specialist electricity infrastructure services.
The company’s performance during this six-month period has given its Board confidence that results will be in line with market forecasts for the financial year ending 31 March 2019. Fulcrum will announce its half-year results on Tuesday 4 December 2018.
Martin Harrison, CEO of Fulcrum, said: “Our joined-up capabilities to design, build, own and operate utility infrastructure has underpinned the delivery on our strategy of infrastructure and utility asset growth.
“We have delivered our projects safely and maintained our track record of excellent customer service. The integration of Dunamis has helped to further enhance our market position in the UK gas and electricity markets. We therefore look with confidence to the full year 2019 and beyond.”
