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FCRM - Fulcrum Utility Services News Story

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Last Trade - 23/07/21

Small Cap
Market Cap £66.6m
Enterprise Value £67.5m
Revenue £46.1m
Position in Universe 1159th / 1805

Fulcrum Utility Srvc - New Contract Awards

Wed 21st April, 2021 7:00am
RNS Number : 0907W
Fulcrum Utility Services Ltd
21 April 2021

21 April 2021


("Fulcrum" or the "Group")

New Contract Awards

Fulcrum Utility Services Limited, a leading independent multi-utility infrastructure and services provider focused on delivering infrastructure for the UK's net-zero future, is pleased to announce that it has secured two new contract awards at Fairham, Nottinghamshire ("Fairham").

These two initial contracts, worth £5.9 million, are expected to be delivered over a period of two years and will supply the electricity, gas and water "spine" infrastructure and a primary substation at Fairham's major new 606-acre neighbourhood in Nottingham. Fairham is a joint venture between Derbyshire-based Clowes Developments and Homes England, the government's housing accelerator. Its £800 million project in Nottingham is East Midlands' most significant, mixed-use development, and will include the construction of 3,000 new homes and one million square feet of purpose-built commercial space.

The Group expects that there will be considerable opportunities to supply additional utility works on the development as part of a new utility infrastructure agreement entered into between Fulcrum and Fairham, in which Fulcrum has been specified as preferred utility partner for home builders constructing on this development. Once installed by the Group, the electricity and gas infrastructure will be adopted by E.S. Pipelines Limited ("ESP") under its existing asset adoption agreement.

This is the latest in several multi-million-pound contract wins secured by the Group, building on its strategic partnership with ESP. In recent months, the Group secured a £4.2 million contract to provide 13.5km of new high voltage electrical infrastructure for a major redevelopment project and a £1.8 million contract to install electricity and gas infrastructure to another large mixed-use development.

Terry Dugdale, CEO, said:

"We are delighted to be working as a preferred partner with Fairham on this exciting, and significant, project that will create a thriving new community and a prime residential and commercial destination in Nottingham.

This is the latest in a succession of major contract wins for the Group as we continue to bid on, and win, larger residential, mixed-use and commercial contracts. These latest contract wins demonstrate the improvements that the new management team are making in our business and our operational efficiency and have been supported by our enhanced capabilities, which includes our asset adoption relationship with ESP."

Robert Hepwood, Director at Clowes Developments added:

"Fairham is one of the most significant mixed-use developments in the country, bringing fresh employment opportunities and much-needed new housing to the region. It will create a vibrant community with new health, education, leisure, retail and local facilities set within a well-planned, sustainable, safe and characterful environment."


Fulcrum Utility Services Limited

Terry Dugdale, Chief Executive Officer


Cenkos Securities plc (Nominated adviser and broker)

Max Hartley (Nomad) / Michael Johnson (Sales)


N+1 Singer (Joint Corporate Broker)

Sandy Fraser / Rachel Hayes


+44 (0)114 280 4102



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Notes to Editors:

Fulcrum is a multi-utility infrastructure and services provider. The Group operates nationally with its head office in Sheffield, UK and its main business is the design, build, ownership and maintenance of energy connections and their related utility infrastructure. The Group's offering also extends to smart meter ownership and exchange programmes, and the selective ownership and maintenance of utility networks and infrastructure. https://investors.fulcrum.co.uk/


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