Post lockdown momentum for utilities provider
Sheffield-based utilities business, Fulcrum Utility Services Limited, has reported an increase in activity month on month as lockdown restrictions have eased.
In a trading update today, the firm adds that activity has now returned to pre-COVID levels.
As of 31 August 2020, the company’s order book had increased by 5% to £69.4m, from £66.2m at 31 March 2020.
Fulcrum reports that enquiry levels in the housing sector are particularly strong, as homebuilders seek to meet demand stimulated by the change to stamp duty.
Project wins include a £1.1m contract to deliver a full multi-utility solution to a major development of 500 new homes.
In the industrial and commercial sector, project wins include a £0.7m contract to design and install electricity infrastructure as part of a substantial extension to a well-known UK shopping centre.
And Fulcrum secured a £0.6m contract to deliver over two kilometres of gas infrastructure at major new renewable energy project for a food waste recycling specialist.
The Group has also today announced the appointment of Jennifer Cutler, who will join the Group as its new chief financial officer on 19 October 2020.
Cutler joins Fulcrum from Harworth Group, where she was director of finance.
Daren Harris, CEO of Fulcrum, said: “Although 2020 continues to present short-term market challenges, our ability to operate effectively through the COVID-19 pandemic is proven.
“There also remains a substantial, long-term, opportunity for the Group to significantly grow its revenues across the attractive markets it serves given the UK’s net-zero and a smart energy revolution.
“We are also very encouraged by the Group’s ability to bounce back from the initial impact of COVID-19 in the first quarter of the financial year, and we are pleased to confirm that activity levels returned to pre-COVID-19 levels in the second quarter.
“However, we are not complacent and remain mindful of the current market challenges.
“We continue to carefully manage our costs, considering the short-term uncertainty created by COVID-19, but also recognise the need to ensure we are best positioned to capitalise on the opportunities presented by the need to decarbonise the UK’s economy.”
