Fulcrum Utility Services Ltd New Contract Award (5024Z)
24 May 2021 - 4:00PM
UK Regulatory
TIDMFCRM
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/
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END
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