Fulcrum strikes gold with buried pipelines
Sheffield utility provider Fulcrum has revealed strong full year results and a big leap in profits after winning a fistful of new contracts.
The firm reported a profit of £4.3m before tax for the year ending March 31, up from £0.6m in the previous year.
During the year, it won several new gas and electricity contracts, including a second prestigious contract with Scotland’s whisky industry.
The £4m contract, to install an eight-mile pipeline to link Scotland’s main gas network to four Speyside distilleries, was successfully completed one month ahead of schedule.
The company also won work on redevelopments at Royal Albert Dock, Chelsea Barracks and Battersea Power Station and gained an extension to a long-standing contract with British Gas to provide gas and electricity connections and metering services until January 2018.
Phil Holder, chairman, said: “Fulcrum has continued to make excellent progress this year, achieving our objectives and strategy. With a sustained focus on customer service excellence, we can look forward to building on recent contract wins and further expanding our multi-utility services.
“The group’s order book and operating cash flow both remain strong and support our strategy for growth. We believe the outlook remains positive and that the group continues to be well positioned to make further progress in 2017.”
Fulcrum, based at Europa View on Sheffield Business Park, has 1,200 clients. It won ‘Company of the Year’ at the 2016 Gas Industry Awards.
Martin Donnachie, chief executive, said: ““The talent of our people, together with the profitable operating platform, have enabled significant contract wins.”