26th Sep 2018 14:18
LONDON (Alliance News) - Fulcrum Utility Services Ltd said Wednesday it has performed "strongly" in the first half of the year, giving the company confidence its full results will be in line with market expectations.
At the end of August, the multi-utility infrastructure and services provider had increased its order book by 5% to GBP44.1 million from GBP42.1 million at the end of March.
Fulcrum said it continues to grow its utility asset estate and the associated annuity revenue streams by "adopting the assets it constructs, alongside assets purchased from external utility contractors".
The company said it has seen a sustained growth in the assets secured from external utility contractors, with the committed capital spend increasing to GBP15.0 million from GBP10.4 million.
Fulcrum's pretax profit in financial year 2017 was GBP7.0 million. The energy and utility service provider revenue was GBP44.8 million.
The company will propose a final dividend of 1.4 pence per share, taking the total divided for the year to 2.1p, up from 1.9p the year before.
Chief Executive Officer Martin Harrison said: "Our joined-up capabilities to design, build, own and operate utility infrastructure has underpinned the delivery on our strategy of infrastructure and utility asset growth.
"We have delivered our projects safely and maintained our track record of excellent customer service. The integration of Dunamis has helped to further enhance our market position in the UK gas and electricity markets. We therefore look with confidence to the full year 2019 and beyond."
Shares in Fulcrum Utility Services were up 2.7% Wednesday at 63.14 pence each.
Related Shares:
FCRM.L