Fulcrum Utility Services Ltd Market Update (7125S)
18 November 2021 - 1:09AM
UK Regulatory
TIDMFCRM
RNS Number : 7125S
Fulcrum Utility Services Ltd
17 November 2021
17 November 2021
FULCRUM UTILITY SERVICES LIMITED
("Fulcrum", the "Company" or "the Group")
Market Update
H1 trading in line with expectations; resilience to turbulence
in energy market
The Board notes the recent share price movement and turbulence
in the energy market and provides an update on the Group's
activities. The Company expects to publish its interim results on 2
December 2021 .
Highlights
-- Good progress in the first half of the year, with H1 trading in line with management expectations;
-- Revenues for the six months to 30 September 2021 increased by approximately 47% on the previous year to GBP28.6
million (H1 2020: GBP19.5 million), demonstrating a strong recovery following COVID's impact;
-- Adjusted EBITDA* of GBP1.0 million (H1 2020: loss of GBP1.0 million) in line with management expectations;
-- Order book growth of 44% up GBP24.8 million to GBP80.9 million as at 30 September 2021 (31 March 2021: GBP56.1
million), driven by securing a variety of significant new contract wins;
-- Successful completion of tranche three of the domestic gas assets transfer to ESP for a total consideration of
GBP3.8 million, with GBP3.7 million of this received in cash on 1 June 2021;
-- Net debt of GBP3.3 million (31 March 2021: GBP1.5 million) with headroom of GBP5.5 million on the Group's
Revolving Credit Facility at 30 September 2021; and
-- The business continues to demonstrate resilience within a volatile energy market.
*Adjusted EBITDA from continuing operations is operating profit
/ (loss) excluding the impact of exceptional items, other gains,
depreciation, amortisation and equity-settled share-based payment
charges.
Group operations remain insulated from current energy market
volatility
The Group notes the recent volatility in the UK energy market,
which has resulted in the failure of a number of energy suppliers
and Supplier of Last Resort requirements being enacted.
The Board is pleased to report that its multi-utility
contracting operations across the housing, Industrial &
Commercial, including EV connections, and utility ownership and
maintenance sectors have, to date, been unaffected by the current
energy crisis. The Board is confident that, currently, the Group's
smart metering business model, order book and delivery pipeline is
robust and resilient to the turbulence being felt in the energy
market.
Furthermore, the Board believes that although conditions for
energy suppliers are currently uncertain, the strong Government
stimulus and increasing regulatory framework are key market drivers
for the Group's smart metering business and, as such, it sees
significant and strategic growth opportunities for the Group in
this arena across all aspects of meter life.
Terry Dugdale, CEO, said:
"I am pleased with the Group's performance in the period and,
against the backdrop of ongoing turbulence in the energy market, I
am pleased with the resilience that we have shown which, I believe,
demonstrates the strength of our business model and diverse
operations.
With a growing and healthy order book, robust business model and
specialist energy infrastructure capabilities, we are well
positioned to capitalise on the many and significant opportunities
presented by the UK's transition to a net-zero future, and I am
excited by the Group's future growth prospects."
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.
Enquiries:
Fulcrum Utility Services Limited +44 (0)114 280
Terry Dugdale, Chief Executive Officer 4150
Cenkos Securities plc (Nominated adviser and broker)
Camilla Hume / Callum Davidson (Nomad) / Michael +44 (0)20 7397
Johnson (Sales) 8900
Notes to Editors:
Fulcrum is a multi-utility infrastructure and services provider.
The Group operates nationally with its head office in Sheffield,
UK. It designs, builds, owns and maintains utility infrastructure
and offers smart meter exchange programmes.
https://investors.fulcrum.co.uk/
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END
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