Fulcrum powers ahead with growth strategy and plans to enter electric vehicle charging sector

Fulcrum, the UK’s market leading independent multi-utility infrastructure and services provider, has delivered increased revenues, profits before tax and sustained order book growth, which have been reported in its interim half-year results for 2017/18.

The Sheffield-based company has also confirmed plans to enter the emerging UK electric vehicle charging market to support the growth of the network with its utility infrastructure design, construction and ownership capabilities.

In the six months to 30 September 2017, the company has continued to improve profitability, achieving a record EBITDA of £4.0m on increased revenues of £19.6m, up by 8.3% on the corresponding period in 2016.

The company has sustained growth in its order book, up by 11% since March 2017 to £33.7m, with a number of notable contract wins, including a £2.4m project to deliver new gas infrastructure to three Short Term Operating Reserve (STOR) sites across the UK. These sites will convert gas to electricity at times of peak demand.

The company was also awarded a range of commercial and residential projects, including the conversion of a Scottish whisky distillery from its existing fuel source to natural gas with the installation of a 1.8km pipeline, and multi-utility contracts to new housing development across the UK.

In addition to these contract wins, the company continues to secure a core portfolio of smaller projects.

A key element of Fulcrum’s continuing growth strategy is the creation of long-term, secure, profitable income by increasing ownership of utility infrastructure assets.  This includes adopting the gas pipeline and meter assets it constructs and installs, alongside assets from other Utility Infrastructure Providers that do not have an independent gas transporter licence.

During the six-month period, Fulcrum increased its owned portfolio of domestic, industrial and commercial gas assets across from the UK by £1.3m to £13.1m.

This growth will be enhanced by Fulcrum securing its Independent Distribution Network Operator (iDNO) licence, which was awarded by Ofgem in November 2017 and enables the adoption of electricity assets from early 2018.

Martin Harrison, CEO of Fulcrum, said: “The successful execution of the Company’s strategy continues to place Fulcrum in a strong financial and operational position. We remain committed to safety and excellent customer service, enhancing our in-house multi-utility capabilities and growing infrastructure services and the asset base.

“The granting of the iDNO licence will further enhance our growth in utility assets and associated future income streams. We are reviewing potential funding options to enhance these purchases and deliver increased shareholder returns.

“Fulcrum is also expanding its service offering to provide an end-to-end EV charging infrastructure solution by supplying and installing electric vehicle charging stations. The Company sees this as an evolution of its existing electricity infrastructure provision in an exciting and growing market.

Fulcrum’s strategy provides a solid foundation to build upon the performance achieved in the first half of the year and the outlook remains positive for the full year 2018.”

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