Utilities firm Fulcrum plunges to £11.5m loss

Aaron Morby 3 years ago
Share

Utility infrastructure contractor Fulcrum slumped to a £11.5m loss from revenue of £47m in the year to April after a ‘hugely challenging’ year.

Second wave lockdowns delayed contract awards, mobilisation and work completion
Second wave lockdowns delayed contract awards, mobilisation and work completion

Covid-19 affected Sheffield-headquartered Fulcrum’s financial performance heavily in the second part of the year.

Despite an initial strong bounce back from the impact of the pandemic in the first half, the second half was adversely affected, especially as the national lockdowns delayed the award, mobilisation and completion of some contracts.

Terry Dugdale, chief executive officer, said: “Just like many businesses, Fulcrum was affected by the considerable challenges presented by the Covid-19 pandemic in the year, and this is reflected in our financial performance.

“However, we were agile, resilient and responded quickly and effectively to Covid-19, remaining operational and making progress in the execution of our strategy, with full year performance being in line with the expectations stated in our interim results. 

“We still have much more to do, but we have emerged from FY21 stronger.”

Dugdale took over as chief executive at the start of this year and renewed the firm’s focus on margin and cost discipline.

He said Fulcrum was now better equipped to take advantage of the significant opportunity to become the net-zero utility connector of choice.

“We improved our ability to win larger opportunities and won a variety of new and significant contracts in the year, including a £1.6m new housing contract, our first project with over 1,500 connections, a £4.2m contract to provide 13.5km of new high voltage electrical infrastructure for a major redevelopment project, a £1.5m contract to install 3.8km of gas infrastructure for a large automotive manufacturing operation and contracts with a major Charge Point Operator to design and install electric vehicle charging infrastructure for two national UK retailers.

“The efforts that went into securing new contracts in the year, many of which were previously unobtainable to the group, not only contributed to a healthy order book but also laid the foundations for a succession of some of the group’s largest-ever contract wins which were secured post year-end.”

The £20m, five-year agreement, will see Fulcrum become the Meter Operator (MOP) and Meter Asset Manager (MAM) for Birmingham-based energy supplier E.

 

Latest news

Everton stadium cladding firm files administration notice

Alucraft Systems Ltd has been on Everton job since last May
3 hours ago

Crest Nicholson hit by more build defect problems

Remediation work on four more sites could cost £15m
3 hours ago

Beard expands reach as revenue hits record £179m

Builder starts 2024 with healthy head of work
10 hours ago

Race to start for £25m Cardiff twin tower reclad job

Cardiff council to use SEWCAP to bid Butetown high rise flats revamp
14 hours ago

Gove calls up ‘super-squad’ to clear London planning log-jam

Specialist planning team first to unlock 7,000 homes in Newham and Greenwich
18 hours ago

Permasteelisa in £35m cladding win at St John’s Wood Square

Italian specialist to start work on luxury resi site by the end of this year
20 hours ago

Investor pumps another £30m into low carbon builder

House builder Greencore gets more funding as latest results reveal £4m loss
22 hours ago

800-bed Leeds student and shops scheme approved

Major three-block scheme will replace The Core shopping centre in the city
1 day ago

Modular homes specialist files administration notice

Lighthouse bosses battle to save the business
1 day ago

Go-ahead for £175m Birmingham Broad Street tower

Work to start on 47 storey build to rent tower in September
1 day ago

Erith trading rebounds after lengthy bid-rigging probe

Staff paid £1.5m bonus after year of growth and return to profit
1 day ago

Balfour and Costain win vast power and carbon capture job

Nine firms to share £4bn Teesside net zero work bonanza
4 days ago

First ‘Great Grid Upgrade’ job goes to MGroup and Murphy

Works to start this summer on £400m Yorkshire GREEN electricity pylon upgrade
4 days ago

London council can no longer police planning applications

Planing row reveals Greenwich officials no longer follow-up to check on developments
4 days ago

Surgo Construction falls into administration

46 jobs lost as historic contractor ceases trading
5 days ago

Mace fresh start date for £90m Natural History Museum hub

Reading project to build store for 28m specimens to start early next year
4 days ago

Competition watchdog probes Barratt Redrow merger

CMA opens investigation into creation of mega house builder
4 days ago

Safety chiefs act to avoid building control crisis

Three-month extension to deadline for professionals to prove their competence
4 days ago

TClarke hits £500m turnover target but profitability slips

Big work-winning year sees order book swell 70% to £943m
4 days ago

Just 10% of £10bn Levelling Up funding spent by councils

Speed of delivering 'shovel-ready' projects fails to meet expectations
4 days ago

Six win £1bn North West & Central railway works deal

Story, Murphy and Amey feature in five-year CP7 framework
4 days ago

Willmott Dixon names new finance chief

James Mackenzie joins from Willmott Dixon's Eco World development JV
4 days ago

Ilke Homes name reappears after £320m collapse

New brand Homespace now owns modular designs after Ilke failure
5 days ago

Second staircase rule costs Vistry £19m

Firm reopens East Midlands timber frame manufacturing plant
5 days ago

Clients urged to get ahead of contractor recovery cycle

T&T says investment decisions must be ‘made not delayed’ for best value
5 days ago

Fife groundworks and plant hirer goes under axing 35 jobs

James Penman (Plant Hire) falls into administration in 50th anniversary year
5 days ago

Smart Motorway Programme Alliance chief to step down

Tony Slater is moving on to take up fresh career challenge
5 days ago

Balfour M25 workers vote for strike in pay row

Maintenance crews to down tools over "meagre" pay offer
6 days ago

Andrew English returns to Skanska as infrastructure boss

Returning director replaces Jonathan Willcock who is off to Costain
6 days ago

Construction back in growth as output rises 1.1% in January

Green shoots of recovery as private housing returns to growth
6 days ago

Contractor services