Sheffield-based Fulcrum Group acquires industrial and commercial gas meter asset portfolio for £600,000

The Sheffield based company, which is a national multi-utility infrastructure and services provider, has acquired an industrial and commercial (I&C) gas meter asset portfolio for £600,000.

In addition to designing and building utility infrastructure, Fulcrum also owns and maintains utility infrastructure assets, including gas and electricity networks.

This latest portfolio joins the group’s collection of owned utility infrastructure assets, which generate recurring income and provide attractive and predictable returns.

A spokesman said: "The acquisition is part of the group’s growth focus, strengthening its presence across key utility infrastructure markets. It is currently exploring other acquisition opportunities and is at varying stages of discussion and due diligence with several prospects."

"Completion of the acquisition coincides with the publishing of the group’s results for its financial year ending 31 March 2022, which was impacted by the UK’s energy crisis and the trading conditions and supply chain issues that have affected multiple industries.

"Fulcrum achieved increased revenues of £61.8m, up 31.2% on the previous year, which was bolstered by securing a succession of its largest ever contract wins."

Antony Collins, Chief Executive Officer, Fulcrum Group, said: “The group has refocused its attention on its core multi-utility contracting and asset ownership growth strategy. We believe that there is a significant opportunity for Fulcrum to grow its multi-utility contracting operations across the housing and industrial and commercial, including electric vehicle connections, sectors.

“In addition, Fulcrum’s essential and niche capabilities position it well for future growth and this belief is underpinned by the long-term strategic tailwinds of the UK’s utility and energy infrastructure needs now, and for its net-zero future.

“Despite the significant challenges presented to the group this year, including the impact of the UK's energy crisis and wider, very difficult trading conditions, I am confident that Fulcrum can grow and be successful in several exciting and growing markets.

“At the same time, our executive team is identifying improvement opportunities and ensuring optimal performance to deliver long-term, sustainable growth for the benefit of all shareholders.”