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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
  -3.75 -12.3% 26.75 26.00 27.50 30.50 25.25 30.50 788,240 15:36:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gas Water & Utilities 47.1 -11.5 -4.6 - 59

Fulcrum Utility Services Ltd New Contract Award

24/05/2021 7:00am

UK Regulatory (RNS & others)


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RNS Number : 5024Z

Fulcrum Utility Services Ltd

24 May 2021

24 May 2021

FULCRUM UTILITY SERVICES LIMITED

("Fulcrum" or the "Group")

New Contract Award

Fulcrum Utility Services Limited, a leading independent multi-utility infrastructure and services provider focused on delivering infrastructure for the UK's net-zero future, is pleased to announce that it has been awarded a new five-year smart meter exchange and management contract, worth an anticipated GBP20 million, with energy supplier, E (Gas and Electricity) Limited ("E").

This new agreement is a tripartite agreement between the Group's smart metering business, Fulcrum Metering Services Limited, E and its Meter Asset Provider (MAP), Vantage Meters (Operations) Limited ("Vantage Meters") and is expected to deliver total revenues of GBP20 million over the five-year period.

Under the agreement, Fulcrum will become E's Meter Operator (MOP) and Meter Asset Manager (MAM), managing its portfolio of 320,000 UK meter points and delivering an expected 80,000 meter exchanges as part of E's Smart Meter exchange programme. Fulcrum will receive income from both E and from Vantage Meters, as E's MAP.

This new agreement takes Fulcrum's portfolio of managed meter points to almost 500,000 and is expected to double the run rate of its meter exchange programme.

In less than 18 months, Fulcrum has established relationships with a number of new market entrants and growing energy suppliers to provide flexible metering services, further strengthening its position in the domestic Smart Metering market. E is a British-owned energy supplier and part of the Bayford Group. Based in Birmingham, it specialises in tariffs for customers with prepayment meters. Vantage Meters is a MAP and funds the procurement and installation of smart meters.

The contract comprises a related party transaction pursuant to AIM Rule 13, given Jonathan Turner's interest in the Bayford Group, which wholly owns E. The Group's independent directors consider, having consulted with its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Terry Dugdale, CEO, said:

"We are delighted to announce this significant new agreement with E and Vantage Meters, which is a positive endorsement of our growing position in the Smart Metering market, and substantially grows our meter portfolio and exchange programme activity.

"There are strong synergies between Fulcrum and E, particularly our shared focus on delivering the highest levels of service, which will be essential when we are operating on E's behalf in customers' homes. Through our collaborative approach, we can assist E and its customers to continue to make a valuable contribution to the low carbon economy by saving energy."

Enquiries:

 
                                                        +44 (0)114 280 
                                                         4102 
Fulcrum Utility Services Limited 
 Terry Dugdale, 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                             300 
 
 

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

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May 24, 2021 02:00 ET (06:00 GMT)

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