Revenues climb as utility services provider recovers from pandemic

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Fulcrum Utility Services, which provides essential utilities infrastructure, says it has demonstrated a strong recovery following COVID-19’s impact, as it issues its interim results for the six months ended 30 September 2021.

The Sheffield-based company’s revenues for the six months to 30 September 2021 increased by 46% on the previous year to £28.6m (H1 2021: £19.5m).

Loss before tax was £1.3m (H1 2021: loss of £3.7m), while the firm’s adjusted EBITDA was £1m (H1 2021: loss of £1m).

Fulcrum says it has also achieved significant order book growth of 44%, up £24.8m to £80.9m as of 30 September 2021 (31 March 2021: £56.1m), driven by securing a variety of significant new contract wins.

The Group notes its broad and diverse business operations continue to demonstrate resilience within a currently volatile energy market.

And the business has confirmed the successful completion of tranche four of its domestic gas assets transfer to ESP for a total consideration of £2.8m on 30 November 2021.

£2.7m of this was received in cash on 30 November 2021 with a further £0.1m in cash received in respect of the previous tranches of assets transferred.

In FY22 to date, Fulcrum has successfully completed the transfers of both the third and fourth tranches of its domestic customer gas connection assets to ESP for a total consideration of £6.6m.

Terry Dugdale

Terry Dugdale, Fulcrum CEO, said: “We have made good progress across all areas of the business in the first half of the year. Our order book is healthy and continues to grow.

“The resilience demonstrated by the Group to date in the face of ongoing turbulence in the energy market is, I believe, a testament to the robustness of the Group’s business model, diverse operations and order book strength.

“Our continued focus on stabilising the business and strengthening its foundations has enabled us to grow in our core markets and provides a robust platform from which to grow the business further. 

“The backdrop of the UK’s smart energy revolution and vision for a net-zero future presents Fulcrum with significant and strategic growth opportunities and I am excited by the future prospects for the Group.”