Sunday, October 25, 2020

Activity returns to pre-COVID levels for Fulcrum

A lifting in lockdown restrictions has seen activity return to pre-COVID-19 levels for Fulcrum Utility Services, the Sheffield-based utilities business.

By 31 August 2020, Fulcrum’s order book had risen by 5% to £69.4 million – up from £66.2 million at 31 March 2020.

The company notes that enquiry levels in the housing sector are particularly strong, as homebuilders seek to meet demand stimulated by the change to stamp duty.

Project wins included a £1.1 million contract to deliver a full multi-utility solution to a major development of 500 new homes.

In the industrial and commercial sector, project wins include a £0.7 million contract to design and install electricity infrastructure as part of a substantial extension to a well-known UK shopping centre.

Moreover, the company secured a £0.6 million contract to deliver over two kilometres of gas infrastructure at major new renewable energy project for a food waste recycling specialist.

“Although 2020 continues to present short-term market challenges, our ability to operate effectively through the COVID-19 pandemic is proven,” said CEO Daren Harris.

“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.”

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