Fulcrum Utility Services... Share Discussion Threads

[thiopia] 03/10/2024 18:31

03 Oct 2024

Fulcrum appoints business development specialist in Head of Sales role to grow presence in multi-utility market

Fulcrum, the leading independent multi-utility infrastructure and services provider, has continued to bolster its senior team with the recruitment of industrial and engineering sales specialist Richard Watkins.

Appointed as Head of Sales for Fulcrum’s multi-utility operations, Richard brings more than 25 years of business development experience across a range of markets.

Richard joins Fulcrum as the Sheffield-based company continues to grow its presence in the Housing and Industrial & Commercial (I&C) markets and leads the company’s specialist Industrial, Commercial and Housing team of Business Development Managers.

His appointment to this role further emphasises Fulcrum’s ambitions to be the multi-utility partner of choice for Housing and I&C developers across the UK and he will work closely with both new and existing customers.

Richard joins Fulcrum from CBRE, one of the world’s largest facilities management companies where, as Head of Projects, he was responsible for the management of the Aviation capital projects team working closely with blue chip customers including British Airways, Gatwick Airport and Boeing.

Prior to CBRE, Richard built a strong track record in the electrical engineering, main contracting and building services sector, working for organisations including Skanska and Morgan Sindall.

I was attracted to Fulcrum because of its strong reputation and its clear commitment in delivering greater value solutions to its customers across multiple sectors. The company is in a great position to meet the growing demand in the Housing and Industrial & Commercial markets for reliable, efficient, and customer focused infrastructure solutions.

Bringing my experience of working with top tier contractors, consultants and end user customers, I’m excited to build long-term client relationships that align to our values and recognise the benefits of working with a business like Fulcrum. There is tremendous potential here, and I look forward to playing my part in Fulcrum’s growth.

Richard Watkins, Head of Sales

Richard brings a wealth of experience, particularly in working with clients in identified growth markets for Fulcrum, and has a proven track record of growing businesses of all sizes, from SMEs to corporates, with great success.

His expertise will support Fulcrum to continue to expand in the Housing and I&C markets as well as emerging sectors that are growing rapidly and where our services and expertise can provide significant benefits. We’re thrilled to have Richard on board as we drive our ambitious growth plans forward.

Tom Overfield, Divisional Director

[tgl] 10/9/2024 13:26

Jolly good. Thanks

[thiopia] 10/9/2024 12:36

advfn has boards from long delisted companies. no need for a separate group

[thiopia] 21/8/2024 16:09

Wider Industry seems to be in boom phase for new installations

[thiopia] 08/8/2024 22:28

From the 2023 Accounts issued in August 2023

"Net assets per share at 31 March 2023 were 5.2p per share (2022: 11.5p).
As at 31 March 2023, the issued share capital of the Company was 399,313,458 ordinary shares"

Given the stabilisation in the business and the prospects going forward I'd assume the Company should now trade at a premium to book value ?

I'd certainly be happy with 5p a share but the Management seem excited about the growth prospects so I'm dreaming of 10p

Should be noted in recent memory Directors were paying 12p / 25p / 40p per share !

[thiopia] 08/8/2024 22:05

Will try to buy some via JP Jenkins tomorrow

Looks far too cheap at 0.15 which is last trade price judging by JP Jenkins website


TRADING RESULTS
DATE QUANTITY MID. PRICE GBX
13/05/2024 3800 0.15

[neilyb675] 08/8/2024 12:21

its definitely not a loss, and if you really wanted to you can sell your shares via a middle man off market broker, see FCRM website for details.

[carpingtris] 08/8/2024 12:20

OK thanks, in my account it's just some random numbers now with a big fat zero in value... serves as my reminder to avoid AIM.

Guess will be a bonus should anything ever materialise.

Wasn't a big loss fortunately.

[neilyb675] 08/8/2024 08:02

you (we) still hold the shares, just like the major shareholders who are mentioned in glowing lights in the RNS.

If the turn-around continues then potentially a dividend can still be paid to shareholders, plus there is the chance of a management buy out. In that scenario an offer would have to be made for your shares.

All not lost and was the reason I took a small position knowing these were about to de-list. Clearly this business has a future.

Hope this helps.

[carpingtris] 08/8/2024 07:57

How do we benefit now that this has become de-listed?

[neilyb675] 08/8/2024 07:24

Fulcrum Utility Services Limited “Fulcrum”; or the “Group”, the leading multi-utility infrastructure and services provider announces its full year results for the period ending 31 March 2024.

The Group is pleased to report growth and a return to profitability as part of its strategic turnaround, which is delivering sustainable, progressive improvements across its operating divisions.

Financial highlights

Performance was in line with management targets
Revenue increased 5.5% to £53.4m (2023: £50.6m)
Adjusted EBITDA* of £(0.5)m (2023: £(6.2)m)
Operating Profit of £0.5m (2023: Operating Loss of £24.6m)
*Adjusted EBITDA is Operating Profit excluding the impact of exceptional items, other net gains, fair value gains on derivatives, depreciation, amortisation and equity-settled share-based payment charges.

Operational highlights

The Group’s turnaround has been delivered following a comprehensive strategic review of the organisation and its four operating divisions, Dunamis, Maintech Power, Fulcrum (Multi-Utility Operations) and Fulcrum (Asset Ownership):

A new Fulcrum Group leadership team has been embedded and senior management teams in each division were strengthened and expanded.
The utilisation of shared services were enhanced and intercompany working opportunities across its divisions were improved.
The Group now has a sharper focus on its core markets.
In the year, the Company also delisted from the Alternative Investment Market (AIM), removing complexity from the business and providing cost savings. Some immediate benefit was evident in the period and additional benefits and savings will be realised in future years.
The Group’s turnaround and positive progress continues to be supported by its Major Investors, with the existing Facility Agreement amended and extended in the year. The Group is grateful for this ongoing support whilst it continues on its path of profitable growth.

Divisional overview and performance

Dunamis reports significant growth as it strengthens position in renewable energy sector

The Group’s High Voltage (HV) connections business, Dunamis, is an Independent Connections Provider (ICP), which specialises in the design and build of HV electricity connections and infrastructure.
Dunamis delivered exceptional growth in the period with revenue increasing by 67% to £23m (2023: £13.8m).
The Company also achieved an Operating Profit of £289k (2023: Operating Loss of £5.3m) as it strengthened its position in thriving markets that include renewable energy, by connecting large-scale solar farms, battery energy storage sites and onshore wind projects.
The demand for Dunamis’ expertise is also reflected in the Company’s current pipeline of quoted opportunities, which has grown to over £150m.


Growing demand for Maintech Power’s specialist expertise delivers improved profitability

Maintech Power is the Group’s HV electrical installation and maintenance business that supports major power infrastructure projects, such as large-scale solar farms, wind farms, battery energy storage sites and private electrical networks across the UK.
The business has an extensive client list including EDF Renewables, the NHS, GlaxoSmithKline, and Cambridge University.
With a revenue of £7.1m (2023: £7.5m) and an Operating Profit of £245k (2023: Operating Loss of £161k), this positive financial performance has been achieved by both internal improvements and from an increase in demand for its highly specialist expertise in high-growth markets.
Positive progress and recurring revenue opportunities for multi-utility operations and asset ownership divisions

Fulcrum’s multi-utility operations division delivers multi-utility connections to housing developments and Industrial & Commercial schemes, nationwide.
Commercial rigour has been a key focus in multi-utility operations, with enhanced commercial contract management and close cost control, resulting in improved contract margins.
In the period it has supported a portfolio of projects across the UK and secured its first significant framework contracts with a Gas Distribution Network.
The Group’s Asset Ownership division owns and operates gas and electricity networks that generate healthy and recurring revenues for the group. It consolidated its position in this financial year as it prepares for growth through future ownership opportunities.
Outlook

The Group is delighted with the positive progress made in the year and these results provide a stronger platform for continued, sustainable growth.

The Group offers specialist services with increasing demand in markets mandated for growth, which is accelerating development, performance, and access to future opportunities. The renewable energy industry, in particular, is providing significant opportunities as the UK drives towards net-zero. This, combined with the advent of a new government with an ambitious housebuilding agenda, and the resurrection of onshore wind farm developments, presents significant and exciting opportunities for the Group.

The Group is focused on its core strengths in sectors where it is very experienced and has increased the efficiency of its central operations. This has been fundamental to the Group’s success and will be central to the delivery of its five-year strategy of growth and profitability.

Commenting on the full year results, Lindsay Austin, Fulcrum CEO, said:

The Group’s leadership team is exceptionally proud of the turnaround we’ve achieved, and the contribution made by our excellent people, that has delivered a return to profitability.

The strong, collaborative approach we have brought to the Group, with the full support of our highly engaged major shareholders, has ensured the outcomes of the strategic review were successfully implemented and have set us on a path to sustainable, progressive improvements.

We have optimised the expertise within the Group, delivered cost improvements and efficiencies through streamlined processes and allowed our divisions the autonomy to pursue and secure new relationships and build on long-term partnerships.

The Group is operating in booming, high-growth markets, offering in-demand specialist services, which is accelerating their growth and access to future opportunities.

[neilyb675] 08/8/2024 07:24

Fulcrum Utility Services Limited “Fulcrum”; or the “Group”, the leading multi-utility infrastructure and services provider announces its full year results for the period ending 31 March 2024.

The Group is pleased to report growth and a return to profitability as part of its strategic turnaround, which is delivering sustainable, progressive improvements across its operating divisions.

Financial highlights

Performance was in line with management targets
Revenue increased 5.5% to £53.4m (2023: £50.6m)
Adjusted EBITDA* of £(0.5)m (2023: £(6.2)m)
Operating Profit of £0.5m (2023: Operating Loss of £24.6m)
*Adjusted EBITDA is Operating Profit excluding the impact of exceptional items, other net gains, fair value gains on derivatives, depreciation, amortisation and equity-settled share-based payment charges.

Operational highlights

The Group’s turnaround has been delivered following a comprehensive strategic review of the organisation and its four operating divisions, Dunamis, Maintech Power, Fulcrum (Multi-Utility Operations) and Fulcrum (Asset Ownership):

A new Fulcrum Group leadership team has been embedded and senior management teams in each division were strengthened and expanded.
The utilisation of shared services were enhanced and intercompany working opportunities across its divisions were improved.
The Group now has a sharper focus on its core markets.
In the year, the Company also delisted from the Alternative Investment Market (AIM), removing complexity from the business and providing cost savings. Some immediate benefit was evident in the period and additional benefits and savings will be realised in future years.
The Group’s turnaround and positive progress continues to be supported by its Major Investors, with the existing Facility Agreement amended and extended in the year. The Group is grateful for this ongoing support whilst it continues on its path of profitable growth.

Divisional overview and performance

Dunamis reports significant growth as it strengthens position in renewable energy sector

The Group’s High Voltage (HV) connections business, Dunamis, is an Independent Connections Provider (ICP), which specialises in the design and build of HV electricity connections and infrastructure.
Dunamis delivered exceptional growth in the period with revenue increasing by 67% to £23m (2023: £13.8m).
The Company also achieved an Operating Profit of £289k (2023: Operating Loss of £5.3m) as it strengthened its position in thriving markets that include renewable energy, by connecting large-scale solar farms, battery energy storage sites and onshore wind projects.
The demand for Dunamis’ expertise is also reflected in the Company’s current pipeline of quoted opportunities, which has grown to over £150m.


Growing demand for Maintech Power’s specialist expertise delivers improved profitability

Maintech Power is the Group’s HV electrical installation and maintenance business that supports major power infrastructure projects, such as large-scale solar farms, wind farms, battery energy storage sites and private electrical networks across the UK.
The business has an extensive client list including EDF Renewables, the NHS, GlaxoSmithKline, and Cambridge University.
With a revenue of £7.1m (2023: £7.5m) and an Operating Profit of £245k (2023: Operating Loss of £161k), this positive financial performance has been achieved by both internal improvements and from an increase in demand for its highly specialist expertise in high-growth markets.
Positive progress and recurring revenue opportunities for multi-utility operations and asset ownership divisions

Fulcrum’s multi-utility operations division delivers multi-utility connections to housing developments and Industrial & Commercial schemes, nationwide.
Commercial rigour has been a key focus in multi-utility operations, with enhanced commercial contract management and close cost control, resulting in improved contract margins.
In the period it has supported a portfolio of projects across the UK and secured its first significant framework contracts with a Gas Distribution Network.
The Group’s Asset Ownership division owns and operates gas and electricity networks that generate healthy and recurring revenues for the group. It consolidated its position in this financial year as it prepares for growth through future ownership opportunities.
Outlook

The Group is delighted with the positive progress made in the year and these results provide a stronger platform for continued, sustainable growth.

The Group offers specialist services with increasing demand in markets mandated for growth, which is accelerating development, performance, and access to future opportunities. The renewable energy industry, in particular, is providing significant opportunities as the UK drives towards net-zero. This, combined with the advent of a new government with an ambitious housebuilding agenda, and the resurrection of onshore wind farm developments, presents significant and exciting opportunities for the Group.

The Group is focused on its core strengths in sectors where it is very experienced and has increased the efficiency of its central operations. This has been fundamental to the Group’s success and will be central to the delivery of its five-year strategy of growth and profitability.

Commenting on the full year results, Lindsay Austin, Fulcrum CEO, said:

The Group’s leadership team is exceptionally proud of the turnaround we’ve achieved, and the contribution made by our excellent people, that has delivered a return to profitability.

The strong, collaborative approach we have brought to the Group, with the full support of our highly engaged major shareholders, has ensured the outcomes of the strategic review were successfully implemented and have set us on a path to sustainable, progressive improvements.

We have optimised the expertise within the Group, delivered cost improvements and efficiencies through streamlined processes and allowed our divisions the autonomy to pursue and secure new relationships and build on long-term partnerships.

The Group is operating in booming, high-growth markets, offering in-demand specialist services, which is accelerating their growth and access to future opportunities.

[the stigologist] 13/7/2024 10:04

Internal news

[thiopia] 26/6/2024 17:28

i think we might have to wait for sept/october Companies House filing ?

[tgl] 26/6/2024 13:14

A trade! Well spotted. Does anyone know if they'll announce the year's results in August as they did last year prior to delisting?

[thiopia] 24/6/2024 23:10

Apparently there was a trade in May at 0.15p

[thiopia] 24/6/2024 23:08

Celebrating International Women in Engineering Day 2024

This year, as part of International Women in Engineering Day 2024, we sat down with Louise Rushworth who works as an engineer in our Asset Division. Louise shared insights into her role as an Asset Gas Design Engineer, talking about her journey as an engineer and how she applies her 20+ years of engineering experience and expertise.
Can you tell us about your role and responsibilities at Fulcrum Group?
I joined Fulcrum in 2000 and have had several design and engineering roles with the business. Engineering was never my intended career, but I discovered I had a natural skill for it and the business has supported me to develop my engineering expertise over the past 20+ years.

I’m now an Asset Gas Design Engineer, and I ensure that the new gas networks and infrastructure we adopt are designed and installed in a robust, safe, and compliant way. Ensuring the safety and reliability of the gas networks we build and maintain is essential, and it’s my years of engineering expertise that enable me to do this in an effective and value-added way.

What is the most important or rewarding part of your role?
Ensuring that the gas networks that power our homes and businesses are robust, safe, and compliant is an important and essential task and every day and project is different.

My experience in designing new gas networks in the past also provides me with a relatively unique engineering perspective. This allows me to foresee potential challenges and create solutions that enhance safety and efficiency, whilst I validate networks that have been designed by others. I really enjoy using my experience to solve an engineering challenge and, over the years, I’ve been able to use my experience to improve network designs and ensure that the networks we adopt are to the high standards we expect and require.

What kind of support and opportunities have you received to help you grow professionally and advance in your career?
The company’s commitment to continual development has been key to my career longevity and growth, and the support and training I’ve received has helped me to progress in a specialist career in engineering. I’ve had opportunities to gain various qualifications, including GIRS, SHEA Gas, and SCO (Safe Control of Operations) and I’m now working towards EngTech. Fulcrum’s focus on developing the skills of all of its people has allowed me to push myself and achieve my potential.

I’m now expanding my experience and expertise by undertaking more onsite asset integrity inspections, which allows me to see and validate how network and infrastructure designs I’ve approved have been installed and are operating.

What does Women in Engineering Day mean to you, and how do you see it impacting the industry?
Women in Engineering Day is a significant opportunity to highlight the contributions of women in our field and inspire the next generation of female engineers. There are many amazing women engineers in our business, and our industry, and it’s a day to recognise the importance of diversity in engineering. I believe that showcasing successful women in engineering roles can break down stereotypes and encourage more women to pursue careers in this industry. It’s about showing that engineering is a field where everyone can thrive and make a difference.

What advice would you give to young women considering a career in engineering?
Engineering is a field full of opportunities, challenges, and rewards. Be curious and determined and seek out mentors who can guide you. Choose a company like Fulcrum that values and supports your growth and provides equal opportunities for all. Continual learning and development are essential, so embrace every chance to gain new skills and qualifications. Most importantly, believe in your potential and the value you can add to enhance the engineering world.

[neilyb675] 16/2/2024 11:51

cheers thiopia ✔👀
0004;👀

[thiopia] 25/1/2024 23:10

some real potential in energy infrastructure ...

Fulcrum could become a major growth company in this sort of scenario...

www.proactiveinvestors.co.uk/companies/news/1039347/kromek-lands-1-4m-eu-order-1039347.html
Octopus Energy is reportedly planning to roll out its own pylons in a move which would end National Grid PLC (LSE:NG.)’s 30-year monopoly on England and Wales’ electricity network.

Talks have been held with regulator Ofgem over the plans as the energy firm looks to take issues expanding the UK’s grid into its own hands, according to The Telegraph.

“There’s increasing support for this idea that there’s more than one way to skin a cat,” Octopus chief executive Greg Jackson told the newspaper.

“If we could find ways to build power infrastructure that are faster and cheaper, who wouldn’t want it?”

National Grid is currently working to address a lengthy queue of energy projects waiting to join the UK’s power grid.

However, local opposition against new infrastructure often stands in the way of simply building new pylons.

Jackson suggested the introduction of competition into the market could encourage innovation to overcome such issues, including through alternatives to pylons.

“In these areas where people are worried about pylons, there can be ways of building infrastructure where there might be less community resistance,” he said.

“There are so many different routes you could use, so many different construction technologies and different ways of solving it. It is ripe for innovation.”

The venture would follow Octopus's 2021 acquisition of Eclipse Power Networks, which currently builds small-scale local power distribution networks.

The proposal is set to be consulted on early this year, according to Ofgem, after the regulator was ordered to assess such competition for the onshore energy transmission market through the 2023 Energy Act.