Fulcrum Utility Services Ltd Pre-close Trading Update (6786A)
March 28 2017 - 2:01AM
UK Regulatory
TIDMFCRM
RNS Number : 6786A
Fulcrum Utility Services Ltd
28 March 2017
28 March 2017
FULCRUM UTILITY SERVICES LIMITED
Pre-close trading update for the financial year ending 31 March
2017
Fulcrum Utility Services Limited ("Fulcrum" or the "Company"),
the UK's market leading independent multi-utility infrastructure
and services provider, today provides a trading update ahead of its
financial year-end on 31 March 2017. The Company will publish its
preliminary results on 6 June 2017.
Trading update
The Company has performed strongly over the 12-month period
ending 31 March 2017. Revenue and cash are expected to be in line
with market forecasts, whilst EBITDA is expected to be slightly
ahead of market expectations.
As at 28 February 2017, the Company's order book had increased
by GBP7.2m (33%) to GBP29.0m, from GBP21.8m at 31 March 2016. This
increase highlights progress within the business during 2016/17 and
includes GBP4.2m for the gas conversion contract in the South West
reported at the half-year. The Company continues to secure
electricity contracts and a broad base of gas and multi-utility
projects of less than GBP50,000 revenue. Notable contract wins in
H2 include:
-- A GBP1.1m, 7.7km gas pipeline project to convert a Scottish
distillery from its existing fuel source to natural gas
-- A GBP0.4m new gas pipeline to feed a Short Term Operating
Reserve (STOR), which will use gas to generate electricity to
deliver more back-up electricity to the national grid when
required
-- A GBP0.3m multi-utility contract to install gas, electricity,
water and telecoms to three commercial units in London
-- An GBP0.2m infrastructure contract to deliver new gas and
electricity connections to a 100-plot housing development in
Staffordshire.
In accordance with the stated asset growth strategy, the Company
has seen a ramping-up of agreements to adopt external gas assets
from utility infrastructure providers (who do not have an
independent gas transportation licence that enables them to own gas
pipelines). The value of assets to be purchased is currently
GBP2.8m. The cash will be spent as these schemes are built out,
increasing future transportation income. The Company also confirms
that plans are on track to obtain the independent distribution
network operator (IDNO) licence by the end of the calendar year to
enable ownership of electrical assets.
Martin Donnachie, Chief Executive of Fulcrum, stated: "We have
achieved our aim of growing the sales order book - 2016/17 has seen
continued expansion of both our infrastructure services and asset
ownership businesses. The business has an established and growing
market leading position. We will continue to focus on improving
customer service, building our order book and using the cash
generated to increase the asset base and the recurring
transportation income, all whilst maintaining and improving
operational disciplines. We remain confident in our outlook for the
business."
Enquiries:
Fulcrum Utility Services Limited +44 (0)114
Craig Baugh, Head of Marketing and 280 4150
Communications
Cenkos Securities plc (Nominated adviser +44 (0)20 7397
and broker) 8900
Max Hartley (Nomad) / Alex Aylen (Sales)
Camarco (Financial PR advisers) +44(0)203 757
Ginny Pulbrook / Tom Huddart 4992
Notes to Editors:
Fulcrum is a multi-utility infrastructure and services provider
based in Sheffield, UK. The Company's primary business is the
provision of utility infrastructure services to the residential,
commercial and industrial markets throughout the main land UK.
These range from the design, installation or alteration of utility
services for single site properties to large complex multi-site
projects. Through its subsidiary, Fulcrum Pipelines Limited,
Fulcrum is also licensed as an Independent Gas Transporter, owning
and operating gas pipelines that connect properties to the main UK
gas networks.
http://www.fulcrum.co.uk/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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