£25m order book growth at listed utilities services company
Utility infrastructure services provider, Fulcrum Utility Services Limited, says it is trading in line with management’s expectations for the first half of the year, with new contract wins delivering significant order book growth.
The business says it has made good progress in expanding its multi-utility contracting and smart metering businesses.
It has secured a variety of new contracts across all the sectors it operates in, resulting in order book growth of 45%, up £25m to £81.1m at 31 August 2021 (31 March 2021: £56.1m).
Sheffield-based Fulcrum adds it has also refocused its attention on margin and cash generation, resulting in a non-operational headcount reduction of 15% since January 2021.
Terry Dugdale, CEO, said: “I am pleased with the progress the Group has made in the first half of the financial year.
“Our focus on growth in our core markets and our improved ability to win larger contracts, delivered a strong succession of significant contract wins and resulted in a healthy order book growth.
“At the same time, our focus on financial strength, cost and margin has been unwavering.
“The positive progress we are making across all our core markets gives me confidence for the full year and beyond.
“I see significant opportunities for the business and so it is pleasing that the Group continues to be increasingly better positioned to take advantage of the many and significant opportunities presented by the UK’s smart energy revolution and the utility infrastructure the UK needs for a net-zero future.”