Trading update and new contract wins

RNS Number : 6417O

Fulcrum Utility Services Ld

15 October 2012

 



FOR RELEASE ON 15 OCTOBER 2012

FULCRUM UTILITY SERVICES LIMITED

Trading update and new contract wins

Fulcrum Utility Services Limited ("Fulcrum" or "the Company"), the UK based energy solutions company, today announces a trading update for the six month period to September 2012 and a landmark contract to provide gas connections to four major distillery sites in the Speyside region of Scotland.

Following the restructuring activities undertaken to execute the turnaround strategy of the business in the period since acquisition in July 2010, Fulcrum returned to profit during the last financial year and has remained profitable over the first half of the current financial year despite Fulcrum's core markets continuing to reflect the challenging economic environment within the UK construction sector.

The outlook for the second half remains strong and is supported by a robust sales pipeline and by new contract wins.

During October 2012, Fulcrum entered into a contract with Chivas Brothers Limited and Angus Dundee Distillers plc to provide gas infrastructure to four distilleries in the highlands of Scotland in support of their conversion from heavy fuel oil to gas. The £7.6m contract, commencing immediately, will be delivered by Fulcrum over an 18 month period.

The contract underpins the Board's view that full year performance will be in line with current market expectations. The Company expects to announce its interim results on 27 November 2012.

John Spellman, CEO of Fulcrum, said: "We are delighted to have secured such a substantial contract and look forward to delivering it over the coming months. Despite a backdrop of macro-economic uncertainty, there continue to be significant opportunities Fulcrum is well positioned to secure. The contract win is a further endorsement of our renewed business model focused on providing high quality customer service and the expertise to deliver large scale, complex engineering projects."

Enquiries:

Cenkos Securities plc                            (nominated adviser and broker)                [phone]

Stephen Keys / Adrian Hargrave

College Hill                                            (PR)                                                      [phone]

Toby Bates / Del Jones

 

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