Agile pandemic response enables recovery at listed utilities company
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Utilities infrastructure and services business, Fulcrum, says it has invested in stabilising its business and is emerging strongly from the pandemic, as it publishes its final results for the year ended 31 March 2021.
Its revenues are up 2.2% to £47.1m (2020: £46.1m), while the firm’s adjusted EBITDA from continuing operations is £0.1m (2020: £4.5m), which is in line with the expectations stated in its interim results.
The Sheffield-headquartered company made a pre-tax loss of £11.5m (2020: £1.3m profit), with its figures impacted by exceptional items.
Fulcrum’s Board will not be recommending the payment of a dividend, considering the loss for the year and continuing near-term economic uncertainty.
But the business says it has made good progress in the execution of its strategy – despite Covid-19 – with selective investment to strengthen operational and business capabilities and secure new talent.
Its balance sheet strength has been supported by ongoing and successful execution of the sale of the Group’s domestic asset portfolio.
And Fulcrum says it has a robust order book of £56.1m, with key contracts secured across all sectors.
Terry Dugdale, chief executive officer, said: “Just like many businesses, Fulcrum was affected by the considerable challenges presented by the Covid-19 pandemic in the year, and this is reflected in our financial performance.
“However, we were agile, resilient and responded quickly and effectively to Covid-19, remaining operational and making progress in the execution of our strategy, with full year performance being in line with the expectations stated in our interim results.
“We still have much more to do, but we have emerged from FY21 stronger.
“Since taking over the role of CEO in January 2021, we have renewed our focus on margin and cost discipline and are better equipped to take advantage of the significant opportunities that are presented to us as we connect the UK on its journey to a net-zero future. I look to the future with increasing confidence.”