Order book growth to see revenues hit £57m for infrastructure specialist
Fulcrum Utility Services, the Sheffield-based independent multi‐utility infrastructure and services provider, has utilised a strong order book to boost its financial performance.
In a trading update for financial year-end on 31 March 2019, the company announced its combined order book has increased by 23% to £47m, up £8.7m from £38.3m on the year prior.
Fulcrum said that due to a “relatively buoyant housing market,” it has secured and delivered a large volume of housing projects in the second half of the year.
There has also been sustained growth in the company’s utility asset estate and the associated annuity revenue streams by the adoption of the assets it constructs, alongside assets purchased from external utility contractors, with the committed capital spend increasing from £10.4m as at 31 March 2018 to £18.3m as at 28 February 2019.
The cash will continue to be spent in the months and years ahead as these schemes are developed, increasing future transportation income. Fulcrum has now drawn £3m of its debt facility of up to £20m supporting its external purchases of utility assets.
Fulcrum entered the smart metering market during the year and gained the accreditations to install, own and operate smart meters and is currently progressing a number of material opportunities.
As announced last week, revenue for the financial year ending 31 March 2019 is expected to be approximately £57m (2018: £44.6m) and adjusted EBITDA for the same period is expected to be approximately £11m (2018: £8.4m).
Martin Harrison, chief executive of Fulcrum, said: “We continue to see sustained growth in our gas infrastructure and asset business and are encouraged by the smart metering, cross-selling and electric vehicle charging opportunities for the Company.
“Despite the current conditions in the larger electrical sector, we remain confident that the successful execution of the Company’s strategy and balanced approach to the industrial, commercial and residential markets will deliver long term, sustainable growth for Fulcrum.”
The company will publish its preliminary results on 4 June 2019.
