Pre-close trading update

RNS Number : 4931T

Fulcrum Utility Services Ltd

30 March 2016

 

30 March 2016

FULCRUM UTILITY SERVICES LIMITED

Pre-close trading update for the financial year ending 31 March 2016

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 ahead of its financial year end on 31 March 2016.

The Company has performed well over the 12 month period ending 31 March 2016, with revenue in line with market expectations. Underlying performance and cash generation have continued to improve over the period resulting in both EBITDA and the cash at bank for the full year being materially ahead of market expectations. The Company expects to release its preliminary results on 7 June 2016.

New contract wins in Q4

Fulcrum has continued to win an array of significant new contracts in Q4, which include:

·      £387k gas infrastructure project for the new development at Royal Albert Dock for London's third business district

·      £369k contract to deliver new gas infrastructure at the Chelsea Barracks redevelopment

·      The Company's first contract to deliver infrastructure to a Short Term Operating Reserve (STOR) site. The £245k project was quickly followed by another £259k STOR site contract in the quarter

·      £249k dual fuel contract to deliver gas and electricity infrastructure to a new energy centre in Glasgow

·      £246k contract to install temporary electricity infrastructure into a Birmingham hospital on behalf of British Gas

·      £230k gas infrastructure project for works at the Battersea Power Station redevelopment

·      £200k contract to install new gas mains infrastructure for the new Westgate Oxford development

·      Gas infrastructure contract for a 153 plot housing development on behalf of Keepmoat Limited

FirstElectricity brand launch

In line with the Company's previously stated aim of growing its electricity and dual fuel offering, the Company is pleased to confirm the launch of its third online brand, FirstElectricity (www.firstelectricityconnections.co.uk) which went live on 29 March 2016. The extension of the First brand, designed to appeal to the end-user market, builds on the successful FirstGas brand and website which were launched in 2015.

Gas pipeline project for Speyside distilleries completed ahead of schedule

The Company is delighted to announce that the £4 million contract to install a 13 kilometre pipeline, reported on 17 July 2015, to link Scotland's main gas network to the Tamdhu, Dalmunach, Cardhu and Knockando distilleries in Speyside, has been completed one month ahead of schedule, despite the significant complexity of the project.    

In Q4 the Company also successfully completed its first biogas connection, the installation of a 1.3 kilometre pipeline to connect a £12 million biogas plant to the UK distribution network.

Investment in infrastructure and new investor website

The Company also announces its £0.5 million investment in new IT infrastructure to drive future operating and cost efficiencies. The new investor website, www.fulcrumutilityserviceslimited.co.uk, will be launched on 31 March 2016.

Martin Donnachie, Chief Executive of Fulcrum stated: "Fulcrum continues to deliver on its strategy. The robust and profitable operating platform that has been created is demonstrated by the EBITDA improvement, early completion of the complex Speyside project 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 Communications Cenkos Securities plc (Nominated adviser and broker) Max Hartley (Nomad) / Oliver Baxendale (Sales) Camarco (Financial PR advisers) Ginny Pulbrook / Tom Huddart

[phone] [phone] [phone]

Notes to Editor

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/

 

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