Fulcrum embarks on a new strategy to support transition to a net-zero economy

Gas and electricity provider Fulcrum has launched a new strategy to support the UK’s transition to a net-zero economy, which it said will deliver growth for the firm.

Fulcrum is executing a new strategy to support the UKs transition to a net-zero economy, including infrastructure for electric vehicle charging

The Sheffield-based group will focus on key sectors, notably the housing and industrial & commercial markets and areas such as smart metering and electric vehicle charging.

Following its financial results for the year to March 31, Fulcrum has reported sustained growth in its order book, up 9 per cent since March 2019 to £66m. This includes growth in its housing sector order book, which rose 24 per cent to £25m. In its smart metering operations, it achieved order book growth of 22 per cent.

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Brexit uncertainty at the beginning of the year and the impact of the Covid-19 pandemic at the end of its latest financial year, which included the start of lockdown and the pausing on activity on a large number of its customers’ site, led to a 6 per cent fall in revenue to £46m from £49m the previous year.

The firm said the reduction in revenue was minimised as it continued to operate wherever possible during the pandemic lockdown period, implementing stringent safety protocols to ensure its workforce and the public remained safe while it undertook essential installation, maintenance, and repair works.

Subsequently, the new financial year has seen continual improvement month-on-month and is expected to return to the pre-pandemic levels in the second quarter of its 2021 financial year.

Future growth will be supported by a new strategic relationship with E.S Pipelines, which increases the opportunity to compete for larger housing and industrial & commercial schemes, including electric vehicle charging infrastructure.

Daren Harris, Fulcrum's chief executive, said: “Our new vision is to play an essential part in the UK’s net-zero and smart energy revolution and 2020 has been a year of repositioning to focus the business on its strategic aim of capitalising on the UK’s transition to a net-zero economy. Fulcrum already has established market positions and a strong service reputation across strategically important markets and has the critical capabilities needed to execute its strategy.

“Although 2020 presented short term market challenges, there is a substantial long-term opportunity for the group to significantly grow its revenues across markets that have attractive long-term drivers given the UK’s net-zero and smart energy revolution.”