Strong order book helps Fulcrum remain confident
ENERGY company Fulcrum Utility Services today said a robust pipeline of sales opportunities and a strong order book are helping it remain confident of further progress.
The Sheffield-based energy services business – which built and managed the systems to deliver gas to the London 2012 Olympic flame – said the six months to the end of September have seen a period of major change, as significant steps were taken to improve the performance of the business. The group said it has been a period of “transformation and consolidation” for Fulcrum.
In its interim results, Fulcrum reported progress in its order book. Orders increased to £15.9m at September 30 from £12.9m at the end of March. Revenue for the period was £19.5m against £19.4m in the same period of the prior year and underlying EBITDA, before exceptional items and share based payments, was £0.3m for the first half (2012: £1.1m). Operating loss for the period was £3.3m compared to a loss of £0.1m in the same period last year.
Updating the markets this morning, Martin Donnachie, CEO of Fulcrum, said: “Good progress has been made on improving the quality of delivery to customers and substantial reductions in operating costs have been achieved. The disposal of non-core assets in October was an important milestone realising significant value and securing the cash position of the company.
“The team has shown its commitment to delivering excellent customer service and sustained growth in sales orders through a review of the sales operation and related processes resulting in increased underlying sales. Further improvements to business systems and processes are expected to drive future growth and help Fulcrum retain its market leading position.
“During the first half of the year the order picture has improved with a robust pipeline of sales opportunities being generated, a number of which are expected to close in the second half.
“With the industry outlook becoming increasingly favourable, together with improving sales performance and continued cost reduction management, the board remain confident of further progress in the second half.”
