£34m-turnover utilities business back on track

ENERGY and infrastructure provider Fulcrum has continued on its turnaround track with pre-tax profits and revenues on the up. Profits before tax reached £4.3m for the year to 31 March, up from £600,000 – a £5.0m improvement on the year before.

Revenues increased by 2.3% to £34.5m, and Fulcrum has won major contracts throughout the year.

It has been making the transition to a directly managed project delivery service following a major reorganisation in April 2015.

The company, which was acquired from the National Grid in 2010, has around half of its 200-strong workforce at Sheffield Business Park.

Martin Donnachie, CEO of Fulcrum, said: “The past year has been a very exciting and successful period at Fulcrum. Amongst a number of landmark achievements was the implementation of our new direct delivery model.

“That move represented a significant change in our history and helped us to improve performance across the company.

“We are now striving for sales growth across all of our routes to both the gas and electricity markets and we are driving a continuous improvement ethos to deliver incremental operating efficiencies. This will combine to enhance long term future profitability and cash generation.”

Phil Holder, chairman of Fulcrum, said: “Fulcrum has continued to make excellent progress this year, achieving our objectives and strategy. With a sustained focus on customer service excellence, we can look forward to building on recent contract wins and further expanding our multi-utility services.

“The Group’s order book and operating cash flow both remain strong and support our strategy for growth. We believe the outlook remains positive and that the Group continues to be well positioned to make further progress in 2017.”