Fulcrum Utility Services Ltd Pre-close trading update and AGM (8937R)
September 27 2017 - 2:00AM
UK Regulatory
TIDMFCRM
RNS Number : 8937R
Fulcrum Utility Services Ltd
27 September 2017
27 September 2017
FULCRUM UTILITY SERVICES LIMITED
("Fulcrum" or the "Company")
Pre-close trading update for the six months ending 30 September
2017
and Annual General Meeting
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
The Company has performed strongly over the six-month period
ending 30 September 2017. The successful execution of the Company's
strategy gives the Board confidence that results will be in line
with market forecasts for the financial year ending 31 March 2018.
The Company will announce its half-year results on Tuesday 5
December 2017.
Operational highlights
As at 31 August 2017, the Company's order book had increased by
11% to GBP33.7m, up from GBP30.3m as at 31 March 2017. To support
the increase in multi-utility projects being tendered and won, the
Company continues to strengthen its in-house capabilities through
investment in additional multi-skilled direct delivery teams and
technical designers.
Notable contract wins in H1 include:
-- A GBP2.4m project to deliver new gas infrastructure to three
Short Term Operating Reserve (STOR) sites across the UK. These
sites will convert gas to electricity at times of peak demand.
-- A GBP0.4m project to convert a Scottish distillery from its
existing fuel source to natural gas, with the installation of a
1.8km gas pipeline.
-- A GBP0.2m multi-utility contract to deliver gas, water and
electricity infrastructure to a new 61 plot housing development in
the West Midlands.
-- A GBP0.2m dual fuel contract to install gas and electricity
connections to 101 new homes as part of a new housing development
in the South East.
In addition to these large contract wins, the Company continues
to secure a core portfolio of projects up to GBP50,000 in
revenue.
In line with its strategy, the Company continues to grow its gas
asset estate and the associated annuity revenue streams by adopting
the assets it constructs, alongside assets from other Utility
Infrastructure Providers (UIPs). In particular, there has been
encouraging growth in the gas assets secured from UIPs, with the
committed external capital spend increasing from GBP2.8m as at 31
March 2017 to GBP6.4m as at 31 August 2017. The Company remains on
track to obtain an Independent Distribution Network Operator (IDNO)
licence by the end of 2017, which will enable the adoption and
ownership of electricity assets from early 2018. This IDNO licence
is an important strategic step for Fulcrum, allowing it to broaden
and increase its long-term income stream by adopting the
electricity assets constructed both in-house and by other
contractors.
Dividend
As previously communicated, the Board will propose a resolution
at today's Annual General Meeting for the payment of a final
dividend of 1.3 pence per ordinary share, taking the total dividend
paid for the year to 1.9 pence for the year (2016: 0.9 pence). If
the resolution is passed, the final dividend will be paid on 27
October 2017 to shareholders on the register on 29 September 2017,
with an ex-dividend date of 28 September 2017.
Martin Harrison, Chief Executive Officer, stated: "The
successful execution of the Company's strategy continues to place
Fulcrum in a strong financial and operational position. Our
commitment to customer service excellence, the enhancement of our
in-house multi-utility capabilities and sustained focus on
construction and asset growth, provide a robust foundation to build
upon the performance achieved in the first half of the year. We
therefore look with confidence to the full year 2018 and
beyond."
Enquiries:
Fulcrum Utility Services Limited +44 (0)114
Craig Baugh, Head of Marketing and 280 4150
Customer Engagement
Cenkos Securities plc (Nominated adviser +44 (0)20 7397
and broker) 8900
Max Hartley (Nomad) / Nick Searle (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, and a meter asset manager.
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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