REG - Fulcrum Utility Srvc - Pre-close trading update <Origin Href="QuoteRef">FCRM.L</Origin>

Fulcrum Utility ServicesAnnouncement

30/03/2016 07:07

RNS Number : 4931T
Fulcrum Utility Services Ltd
30 March 2016
30 March 2016
FULCRUM UTILITY SERVICES LIMITED
Pre-close trading update for the financial year ending 31 March 2016
Fulcrum Utility Services Limited ("Fulcrum" or the "Company"), the UK's market leading independent multi-utility infrastructure and services provider, today provides a trading update ahead of its financial year end on 31 March 2016.
The Company has performed well over the 12 month period ending 31 March 2016, with revenue in line with market expectations. Underlying performance and cash generation have continued to improve over the period resulting in both EBITDA and the cash at bank for the full year being materially ahead of market expectations. The Company expects to release its preliminary results on 7 June 2016.
New contract wins in Q4
Fulcrum has continued to win an array of significant new contracts in Q4, which include:
 387k gas infrastructure project for the new development at Royal Albert Dock for London's third business district
 369k contract to deliver new gas infrastructure at the Chelsea Barracks redevelopment
 The Company's first contract to deliver infrastructure to a Short Term Operating Reserve (STOR) site. The 245k project was quickly followed by another 259k STOR site contract in the quarter 
 249k dual fuel contract to deliver gas and electricity infrastructure to a new energy centre in Glasgow
 246k contract to install temporary electricity infrastructure into a Birmingham hospital on behalf of British Gas
 230k gas infrastructure project for works at the Battersea Power Station redevelopment 
 200k contract to install new gas mains infrastructure for the new Westgate Oxford development
 Gas infrastructure contract for a 153 plot housing development on behalf of Keepmoat Limited
FirstElectricity brand launch
In line with the Company's previously stated aim of growing its electricity and dual fuel offering, the Company is pleased to confirm the launch of its third online brand, FirstElectricity (www.firstelectricityconnections.co.uk) which went live on 29 March 2016. The extension of the First brand, designed to appeal to the end-user market, builds on the successful FirstGas brand and website which were launched in 2015.
Gas pipeline project for Speyside distilleries completed ahead of schedule
The Company is delighted to announce that the 4 million contract to install a 13 kilometre pipeline, reported on 17 July 2015, to link Scotland's main gas network to the Tamdhu, Dalmunach, Cardhu and Knockando distilleries in Speyside, has been completed one month ahead of schedule, despite the significant complexity of the project. 
In Q4 the Company also successfully completed its first biogas connection, the installation of a 1.3 kilometre pipeline to connect a 12 million biogas plant to the UK distribution network. 
Investment in infrastructure and new investor website
The Company also announces its 0.5 million investment in new IT infrastructure to drive future operating and cost efficiencies. The new investor website, www.fulcrumutilityserviceslimited.co.uk, will be launched on 31 March 2016. 
Martin Donnachie, Chief Executive of Fulcrum stated: "Fulcrum continues to deliver on its strategy. The robust and profitable operating platform that has been created is demonstrated by the EBITDA improvement, early completion of the complex Speyside project and our significant and diverse contract wins. We continue to move forward with confidence for the future."
Enquiries: 
Fulcrum Utility Services Limited
Craig Baugh, Head of Marketing and Communications 
Cenkos Securities plc (Nominated adviser and broker)
Max Hartley (Nomad) / Oliver Baxendale (Sales)
Camarco (Financial PR advisers)
Ginny Pulbrook / Tom Huddart 
+44 (0)114 280 4150
+44 (0)20 7397 8900
+44(0)203 757 4992
Notes to Editor
Fulcrum is a multi-utility infrastructure and services provider based in Sheffield, UK. The Company's primary business is the provision of utility infrastructure services to the residential, commercial and industrial markets throughout the main land UK. These range from the design, installation or alteration of utility services for single site properties to large complex multi-site projects. Through its subsidiary, Fulcrum Pipelines Limited, Fulcrum is also licensed as an Independent Gas Transporter, owning and operating gas pipelines that connect properties to the main UK gas networks.
http://www.fulcrum.co.uk/

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