TIDMFCRM
RNS Number : 7913Z
Fulcrum Utility Services Ltd
23 September 2020
This announcement contains inside information for the purposes
of the Market Abuse Regulation (EU) No. 596/2014. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
23 September 2020
FULCRUM UTILITY SERVICES LIMITED
("Fulcrum" or "the Group")
AGM Trading Update
Fulcrum Utility Services Limited, the UK's market leading
independent multi-utility infrastructure and services provider,
provides a trading update in advance of its AGM to be held later
today.
Trading update
During the first quarter of FY 2021, the Group saw an increase
in activity month on month as lockdown restrictions eased. That
momentum has continued in the second quarter with activity levels
having now returned to pre-COVID levels. As at 31 August 2020, the
Company's order book had also increased by 5% to GBP69.4 million,
from GBP66.2 million at 31 March 2020. Overall, and despite the
impact of COVID-19, the Board are pleased with the Company's
resilient performance during the period.
The Company continues to position itself to capitalise on the
UK's net-zero and smart energy revolution and has invested in its
sales force and back office functions. However, the Company is
mindful of the short-term COVID-19 uncertainty that remains and has
therefore ensured that it has cost flexibility within its
operations.
In the first half of the year, the Group has continued to secure
a variety of new and significant contracts across its market
sectors, including:
Housing:
Enquiry levels in this sector are particularly strong as
homebuilders seek to meet demand stimulated by the change to stamp
duty. Project wins included a GBP1.1 million contract to deliver a
full multi-utility solution to a major development of 500 new
homes.
Industrial and Commercial:
The Company has seen strong levels of customer enquiries during
the period and project wins included:
-- A GBP0.7 million project to design and install electricity
infrastructure as part of a substantial extension to a well-known
UK shopping centre
-- A GBP0.7 million contract to deliver a full multi-utility
solution to a large new commercial development
-- A GBP0.6 million contract to deliver over two kilometres of
gas infrastructure at major new renewable energy project for a food
waste recycling specialist
-- A significant project with a major Charge Point Operator to
design and install electric vehicle charging infrastructure for a
national UK retailer
Whilst there is a notable lengthening in the sales cycle as a
result of COVID-19, this remains a robust part of the business and
the Company expects to continue to win a number of significant new
industrial and commercial projects.
Smart Metering:
We continue to see significant interest from gas and electricity
suppliers looking to ensure they will be able to fulfil their part
in the regulatory obligation to exchange 30 million domestic meters
in the UK to smart meters by mid-2025. In the period, the Group
secured new agreements with energy suppliers including Square 1
Energy, Colorado Energy, Goto Energy, Whoop Energy and Bryt Energy.
These additional agreements demonstrate the success of the Group's
strategy to provide a customer-focused, flexible and bespoke
service that supports suppliers of all sizes.
CFO appointment
The Group also today announces the appointment of Jennifer
(Jenny) Cutler, who will join the Group as its new Chief Financial
Officer on 19 October 2020. Jenny joins Fulcrum from Harworth Group
plc, a Main Market listed business and a leading regenerator of
land and property for development and investment, where she was
Director of Finance.
Outlook
Despite the short-term market uncertainties created by COVID-19,
the Board is confident in the ability of the Group to prosper in
the longer term. We have a fundamentally robust business, proven to
operate effectively in the face of the challenges posed by
COVID-19, with a strong orderbook and a clear strategy to
capitalise on the structural tailwinds provided by the UK's
transition to net zero.
Daren Harris, CEO, said:
"Although 2020 continues to present short-term market
challenges, our ability to operate effectively through the COVID-19
pandemic is proven. There also remains a substantial, long-term,
opportunity for the Group to significantly grow its revenues across
the attractive markets it serves given the UK's net-zero and a
smart energy revolution.
We are also very encouraged by the Group's ability to bounce
back from the initial impact of COVID-19 in the first quarter of
the financial year, and we are pleased to confirm that activity
levels returned to pre-COVID-19 levels in the second quarter.
However, we are not complacent and remain mindful of the current
market challenges. We continue to carefully manage our costs,
considering the short-term uncertainty created by COVID-19, but
also recognise the need to ensure we are best positioned to
capitalise on the opportunities presented by the need to
decarbonise the UK's economy."
Enquiries:
+44 (0)114 280
4102
Fulcrum Utility Services Limited
Daren Harris, Chief Executive Officer
+44 (0)20 7397
Cenkos Securities plc (Nominated adviser and broker) 8900
Max Hartley (Nomad) / Michael Johnson (Sales)
N+1 Singer (Joint Corporate Broker) +44 (0)20 7496
Sandy Fraser / Rachel Hayes / Carlo Spingardi 3000
Camarco (Financial PR advisers)
Ginny Pulbrook / Tom Huddart +44(0)203 757 4992
Notes to Editors:
Fulcrum is a multi-utility infrastructure and services provider.
The Group operates nationally with its head office in Sheffield, UK
and its main business is the design, build, ownership and
maintenance of energy connections and their related utility
infrastructure. The Group's offering also extends to smart meter
ownership and exchange programmes, and the selective ownership and
maintenance of utility networks and infrastructure.
https://investors.fulcrum.co.uk/
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END
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