Green energy firm increases its order book despite the pandemic

The Sheffield-based group, which delivers infrastructure for the UK’s net-zero future, said it made progress in its interim results for the six months to September 30.

Despite the impact of Covid-19, Fulcrum achieved revenues of £19.5m, matching its 2019 levels. Its order book rose 9 per cent to £68.5m.

The group made an adjusted loss of £1m, reflecting the impact of the pandemic, combined with investments for strategic growth.

Daren Harris, Fulcrum's chief executive, said: “We responded quickly to the initial impact of the Covid-19 pandemic, allowing a strong recovery in the second quarter, with activity levels returning to pre-Covid levels.

"The business and its people have performed incredibly well, with agility and resilience and I am proud of the recovery we have achieved, together.

"At the same time, we made strong progress against our strategic objectives, winning key new contracts in our core markets and selectively investing in the business to support our future growth. We also continued to secure a variety of significant new contracts, achieving a year-on-year order book growth of 9.4 per cent."

Mr Harris said that whilst Covid-19 continues to create economic uncertainty in the UK, Fulcrum remains in a strong position.

"First, we have financial strength, supported by a robust balance sheet along with current and future cash from the sale of our domestic gas assets and associated meters to ESP," he added.

“Second, we have a healthy and growing order book and an improved ability to compete on and secure larger schemes, and third we are supported by strong strategic tailwinds driven by the need to decarbonise the UK’s economy.

"The board is very pleased with the progress made in the period. We are encouraged by the various and significant opportunities that a net-zero future presents for long term growth and are confident Fulcrum is well positioned to capitalise on this.”