£4.3m profit for Sheffield's Fulcrum

£4.3m profit for Sheffield's Fulcrum

Independent energy and multi-utility provider Fulcrum has revealed a boost in profits, strong cash generation and a positive outlook for the future after achieving successful results for the full year 2016.

The Sheffield-based company, with national coverage and over 1,200 clients, has reported a pre-tax profit of £4.3m before tax, up from £0.6m in the previous year thanks to a host of new contract wins, as well as a new operating model.

The group has also announced a proposed final dividend, endorsing its established market position, and a profitable growth strategy going ahead.

During the year, Fulcrum won several major new gas, electricity and multi-utility contracts, including a second contract with £4.0m Scotland’s whisky industry to install a pipeline linking Scotland’s main gas network to four Speyside distilleries.

Additional new contracts won included works for redevelopments at Royal Albert Dock, Chelsea Barracks and Battersea Power Station.

Fulcrum also gained an extension to its longstanding framework contract with British Gas, which will now run until January 2018.

Martin Donnachie, CEO of Fulcrum, said: “The past year has been a very exciting and successful period at Fulcrum. Amongst a number of landmark achievements was the implementation of our new direct delivery model. That move represented a significant change in our history and helped us to improve performance across the company.

“The talent of our people, together with the scalable and profitable operating platform that has been created, have enabled significant and diverse contract wins.

“We are now striving for sales growth across all of our routes to both the gas and electricity markets, and we are driving a continuous improvement ethos to deliver incremental operating efficiencies. This will combine to enhance long-term future profitability and cash generation.

Phil Holder, chairman of Fulcrum, added: “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.”