How Fulcrum in Sheffield has seen its order book grow to £81.1m

Multi-utility services provider Fulcrum said it has made positive progress in executing its strategy in the first half of the year, with the Sheffield-based firm trading in line with management's expectations.

Fulcrum continued to make progress in expanding its multi-utility contracting and smart metering businesses and secured a variety of new contract wins across all the sectors it operates in, resulting in order book growth of 45 per cent, up £25m to £81.1m on August 31, 2021, from £56.1m on March 31, 2021.

The significant order book growth in the period was underpinned by the firm being awarded a series of high value contracts in its core markets.

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Fulcrum's board believes this demonstrates the group's ability to win larger opportunities and validates the strategy of broadening its offering in core markets.

Fulcrum is based in Sheffield.

It added that the business has also refocused its attention on margin and cash generation, delivering a non-operational headcount reduction of 15 per cent since January 2021.

Terry Dugdale, CEO of Fulcrum, said: "I am pleased with the progress the group has made in the first half of the financial year.

"Our focus on growth in our core markets and our improved ability to win larger contracts, delivered a strong succession of significant contract wins and resulted in a healthy order book growth. At the same time, our focus on financial strength, cost and margin has been unwavering.

"The positive progress we are making across all our core markets gives me confidence for the full year and beyond.

"I see significant opportunities for the business and so it is pleasing that the group continues to be increasingly better positioned to take advantage of the many and significant opportunities presented by the UK's smart energy revolution and the utility infrastructure the UK needs for a net-zero future."

The Sheffield-based firm grew its smart metering order book significantly in the period by £19m to £29.4m and the order book is underpinned by £24m in contracts with energy suppliers E and Ecotricity.

The board said it is pleased that this momentum is continuing into the second half of the year.

The group's smart metering exchange and management services have seen a recovery post Covid-19 and the size of the addressable target market for the group's offering remains, the board believes, substantial.

Fulcrum added that it remains excited by the group's growth potential, encouraged by the positive progress made and order book growth achieved in the period, and will continue to evaluate organic and strategic growth opportunities to ensure that the group meets its fullest potential.

It added that the "extremely strong market drivers presented by the UK's energy transition, continues to provide clear and significant growth opportunities for Fulcrum, and the board is confident that the group is well positioned to capitalise on them now and in the future".

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