Fulcrum, the UK’s leading independent multi-utility services provider, has reported that it has almost doubled pre-tax profits on the same period last year, from £1.6 million to £3.1 million.
Interim results announced for the six months ended 30 September 2016, reveal that trading performance is strong and prospects for the remainder of the year are positive.
Fulcrum’s order book has increased in value to £24.4 million, a rise of 12% on the position at 31 March 2016. This has subsequently been significantly bolstered by a recently agreed £4.0million project to install a new gas pipeline to a food manufacturing plant in the South West.
Fulcrum has also won contracts for a £1.4 million, two kilometre gas pipeline in the North East of England and a £1.0 million contract to install high voltage electricity cabling to a hospital development in the West Midlands.
In its interim results, Fulcrum has revealed progress on its asset growth strategy, increasing the value of its domestic, industrial and commercial assets by £1.1 million, to a total value of £10.4 million.
The company has announced that it began adopting, taking ownership of, and operating domestic gas meters, in October this year and commenced commercial meter management from November. The company’s pre-existing gas pipeline asset ownership capabilities and the adoption of gas meters will complete Fulcrum’s end-to-end offering. It is also working towards an Independent Distribution Network Operator (IDNO) licence, which will enable electricity infrastructure ownership.
The Sheffield-based company, named as Company of the Year at the prestigious Gas Industry Awards earlier this year, has progressed rapidly since turning its first profit of £0.6 million in 2015, which increased to £4.3 million in the year ending March 2016.
Martin Donnachie, CEO of Fulcrum, said: “Fulcrum continues to focus on becoming the UK’s most trusted utility services partner and is delighted to deliver another set of strong results for the first six months of 2016/17.
“The numbers demonstrate how our integrated business model of providing multi-utility infrastructure services and growing our asset base continues to deliver financial and operational growth.
“Fulcrum is well-positioned to grow sustainably in the utility services market through ongoing investment in our people and processes to deliver customer focused, streamlined operations. This integrated approach will continue to provide opportunities for further profitable growth, sustained cash generation and returns to our shareholders.”
Fulcrum team undertaking safety checks