Pre-close trading update

RNS Number : 7172I

Fulcrum Utility Services Ltd

27 March 2015

 

27 March 2015

FULCRUM UTILITY SERVICES LIMITED

Pre-close trading update for the financial year ending 31 March 2015

Fulcrum Utility Services Limited ("Fulcrum" or the "Company"), the UK's market leading independent energy and multi-utilities services provider, today provides a trading update ahead of its financial year end on 31 March 2015.

Fulcrum is pleased to announce that the full year results will be in line with market expectations. The Company expects to release its preliminary results on 2^nd June 2015.

Corporate milestone achieved:

The Company is also delighted to confirm that, in line with its stated corporate strategy, its transition to directly managed delivery has been successful and 102 employees will TUPE transfer on 01 April, doubling the size of the Company's workforce. Fulcrum is now poised for the next stage in its evolution with a solid platform from which the Company can deliver further growth.

New contract wins in Q4:

In addition, Fulcrum has continued to win significant new contracts in its fourth quarter, which include:

·      A £197k dual fuel infrastructure project to deliver new gas and electricity connections to 13 industrial and commercial units in South Yorkshire

·      Two  contracts on a single mixed use  development in East Anglia with a combined value of £346k, to install new gas mains and services to 127 domestic properties

·      Installation of gas mains and governors to a new mixed use site in North London. The £375k contract will start in summer 2015

·      A £253k contract for gas infrastructure works to a  new 171 plot housing development in Nottinghamshire

Management & Employee Incentive Schemes:

In recognition of improved performance, Fulcrum will announce today that new management and employee incentive schemes are to be introduced. These apply not only to key management through an Employee Shareholder Status ("ESS") Arrangement, but also for all Fulcrum employees via the award of £100-worth of free shares.

Commenting on the pre-close statement, Martin Donnachie, Chief Executive of Fulcrum stated: "Fulcrum is delivering on its previously stated corporate strategy and this transition, along with the new business wins announced today, gives us confidence for the future."

Enquiries:

Fulcrum Utility Services Limited Craig Baugh, Head of Marketing and Communications Cenkos Securities plc (Nominated adviser and broker) Max Hartley (Nomad) / Oliver Baxendale (Sales) Camarco (Financial PR advisers) Ginny Pulbrook Georgia Mann Tom Huddart

[phone] [phone] [phone]

Notes to Editors:

Fulcrum is an energy solutions company based in Sheffield, UK. The Company's primary business is the provision of unregulated utility connection services to the residential, commercial and industrial markets throughout the UK. These range from the design, installation or alteration of connections 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, operating gas connection pipelines that connect properties to the main UK gas network.

http://www.fulcrum.co.uk/

 

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