Fulcrum Utility Services Ltd Pre-close Trading Update & Annual General Meeting (0073L)
28 September 2016 - 4:00PM
UK Regulatory
TIDMFCRM
RNS Number : 0073L
Fulcrum Utility Services Ltd
28 September 2016
28 September 2016
FULCRUM UTILITY SERVICES LIMITED
("Fulcrum" or the "Company")
Pre-close trading update for the six months ending 30 September
2016
and Annual General Meeting
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 in advance
of its AGM to be held later today.
Trading update
The Company has performed strongly over the 6 month period
ending 30 September 2016. Underlying performance and cash
generation have continued to improve over the period resulting in
both EBITDA and the cash at bank expected to be materially ahead of
market expectations for the full year 2017. Revenue is expected to
be in line with market expectations. The Company expects to release
its interim results on 6 December 2016.
Compared to the position at 31 March 2016, the order book has
increased by GBP2.1m (11%) to GBP21m. The Company continues to
secure its core offering of gas projects of less than GBP50,000
revenue, together with multi-utility, electricity contracts and
other larger projects. Notable contract wins in H1 include:
-- A GBP1.4m contract to install over two kilometres of gas
pipeline infrastructure to a new manufacturing plant in the North
East of England
-- A GBP1.0m contract to install four kilometres of high voltage
electrical cabling as part of the development of a hospital in the
West Midlands
-- A GBP0.3m gas infrastructure project in London to lay a new medium pressure gas service
-- A GBP0.2m dual fuel contract to deliver gas and electricity
supplies to two commercial properties
-- A GBP0.1m contract to install new gas and electricity
supplies to 56 domestic properties, together with an electrical
substation
-- A GBP0.1m contract to install new gas, electricity and water
supplies to 45 domestic properties
Meter Asset Manager accreditation
The Board have decided to enter the meter asset manager market
to own and operate gas meters. The Company plans to use its current
licence to adopt, own and operate low pressure, domestic gas meters
from the start of October 2016. In addition, the Company is
actively pursuing full accreditation to extend meter ownership
across all other meter classes which will allow the adoption of
medium pressure, industrial and commercial meters. Formal approval
is expected before the end of 2016.
The meter ownership additions complement the Company's existing
pipeline asset ownership capabilities and completes Fulcrum's
end-to-end offering by enabling adoption of gas meters on delivered
contracts and the opportunity to expand the services provided.
Dividend
As previously communicated, the Board has proposed a resolution
for the payment of a final dividend of 0.6 pence per ordinary share
at the Annual General Meeting, to be held at 12:00pm today, taking
the total dividend paid to 0.9 pence for the year (2016: 0.4
pence). If the resolution is passed, the final dividend for the
year ended 31 March 2016 will be paid on 28 October 2016 to all
shareholders on the register as at close of business on 30
September 2016. The shares will become ex-dividend on 29 September
2016.
Martin Donnachie, Chief Executive of Fulcrum, stated: "Fulcrum
continues to deliver on its strategy and further strengthen its
offering. With the sustained growth in EBITDA and cash generation,
diversifying into meter asset management and our significant and
diverse contract wins, we continue to move forward with confidence
for the future."
Enquiries:
Fulcrum Utility Services Limited
Craig Baugh, Head of Marketing and +44 (0)114
Communications 280 4150
Cenkos Securities plc (Nominated adviser
and broker) +44 (0)20 7397
Max Hartley (Nomad) / Oliver Baxendale 8900
(Sales)
Camarco (Financial PR advisers) +44(0)203 757
Ginny Pulbrook / Tom Huddart 4992
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
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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