Saturday, January 16, 2021

Revenues and order book remain steady for Fulcrum

The revenues and order book for Fulcrum, the listed Sheffield-based based multi-utility infrastructure and services provider, have remain steady in the first half of its financial year.

For the six months ending 30 September, the company’s reported revenues of £19.5 million which matches the levels for the same period in 2019.

Moreover, the company’s order book increased 9.4% from £62.6 million to £68.5 million.

However, an adjusted EBITDA loss of £1 million was recorded, compared to a £1.4m profit the year before – a loss attributed to the impact of COVID-19, combined with investments made by company in this period for growth.

Chief Executive Daren Harris said: “We responded quickly to the initial impact of the Covid-19 pandemic, allowing a strong recovery in Q2, with activity levels returning to pre-COVID levels.

“The business and its people have performed incredibly well, with agility and resilience and I am proud of the recovery we have achieved, together.

“At the same time, we made strong progress against our strategic objectives, winning key new contracts in our core markets and selectively investing in the business to support our future growth.

“We also continued to secure a variety of significant new contracts, achieving a year-on-year order book growth of 9.4%.

“Whilst COVID-19 continues to create economic uncertainty in the UK, Fulcrum remains in a strong position. First, we have financial strength, supported by a robust balance sheet along with current and future cash from the sale of our domestic gas assets and associated meters to ESP.

“Second, we have a healthy and growing order book and an improved ability to compete on and secure larger schemes, and third we are supported by strong strategic tailwinds driven by the need to decarbonise the UK’s economy.”

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