Organic growth delivers increased profits for Fulcrum

Fulcrum, the UK’s leading independent multi-utility infrastructure and services provider, has announced revenue growth, increased profits and cash generation in its audited preliminary results for the year ending 31 March 2017.

The Sheffield-based Company, which operates across England, Scotland and Wales, has seen revenue rise to £37.7m, an increase of 4.4 percent on the previous financial year (£36.1m), with profits before tax of £6.5m, compared to £4.3m in 2016.   

Fulcrum also achieved record EBITDA of £7.3m, up from £5.3m in 2016, and a significant growth in its order book, up 39 percent since March 2016 to £30.3 million.  

An array of new gas, electricity, multi-utility and housing sector contracts enabled the Company to achieve its organic growth.  Among them was a £4.2m project to install a new gas pipeline to a food manufacturing plant in the South West, a £1.1m gas pipeline in the Scottish Highlands and two housing development multi-utility projects worth a combined £0.3m.

Reflecting the Board’s ongoing confidence in the ability to generate cash income and future prospects, Fulcrum  has recommended a final dividend for the 2017 financial year of 1.3p per share, making the total dividend 1.9p for 2017 compared to 0.9p in the previous year.

Further growth is being achieved through the strategy to increase ownership of gas, electricity and meter assets.  Fulcrum increased its estate of domestic, industrial and commercial pipeline assets by £2.5m, to a total net book value of £11.9m, which generates an annualised gas transportation income of £1.6m, up from £1.1m in 2016.   The Company also reached agreement to acquire a further £2.8m of additional gas assets from external utility infrastructure providers.

Fulcrum also gained full Meter Asset Manager (MAM) accreditation to enable it to adopt, run and operate all classes of utility meters. Starting from October 2016, Fulcrum has been using its current licence to adopt, own and operate low pressure, domestic gas meters and commenced commercial meter management from November 2016, which will allow the adoption of medium pressure industrial and commercial meters.

As part of its strategy to also grow sales through electricity infrastructure activity, and bolster its multi-utility market presence and end-to-end service capabilities, Fulcrum has also announced its intention to gain an Independent Distribution Network Operator (INDO) licence to adopt, own and operate electrical assets; the aim is to secure the licence before the end of 2017.

Martin Donnachie, CEO of Fulcrum, said: “I am delighted to announce another set of strong results. Our integrated business model of providing multi-utility infrastructure services and growing our asset base continues to deliver profitable growth.

“The business has an established and growing market leading position. We will continue to focus on sales growth, improving customer service and using the cash generated to increase the asset base and the recurring transportation income, all whilst maintaining and improving operational disciplines.

“We continue to move forward at pace with confidence for the future as we remain on course to deliver incremental value to all our stakeholders by being the UK’s most trusted utility services partner.  We are confident that the outlook remains positive and that the company continues to be well positioned to make sustained progress in 2018.”

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