ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

FCRM Fulcrum Utility Services Ld

0.15
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Fulcrum Utility Services Ld LSE:FCRM London Ordinary Share KYG368851047 ORD 0.1P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.15 0.10 0.20 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Fulcrum Utility Services Ltd AGM Trading Update (7913Z)

23/09/2020 7:00am

UK Regulatory


Fulcrum Utility Services... (LSE:FCRM)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Fulcrum Utility Services... Charts.

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/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGMPPUAABUPUGMP

(END) Dow Jones Newswires

September 23, 2020 02:00 ET (06:00 GMT)

1 Year Fulcrum Utility Services... Chart

1 Year Fulcrum Utility Services... Chart

1 Month Fulcrum Utility Services... Chart

1 Month Fulcrum Utility Services... Chart

Your Recent History

Delayed Upgrade Clock