JP Jenkins Ltd
8th August 2024 ISIN: KYG368851047 JPJ:FCRM
Fulcrum returns to profitability following major strategic turnaround
Fulcrum Utility Services Limited "Fulcrum" or the "Group", the leading multi-utility infrastructure and services provider announces its full year results for the period ending 31 March 2024. The Group is pleased to report growth and a return to profitability as part of its strategic turnaround, which is delivering sustainable, progressive improvements across its operating divisions. Financial highlights
*Adjusted EBITDA is Operating Profit excluding the impact of exceptional items, other net gains, fair value gains on derivatives, depreciation, amortisation and equity-settled share-based payment charges. Operational highlights The Group's turnaround has been delivered following a comprehensive strategic review of the organisation and its four operating divisions, Dunamis, Maintech Power, Fulcrum (Multi-Utility Operations) and Fulcrum (Asset Ownership):
The Group's turnaround and positive progress continues to be supported by its Major Investors, with the existing Facility Agreement amended and extended in the year. The Group is grateful for this ongoing support whilst it continues on its path of profitable growth. Divisional overview and performance Dunamis reports significant growth as it strengthens position in renewable energy sector
Growing demand for Maintech Power's specialist expertise delivers improved profitability
Positive progress and recurring revenue opportunities for multi-utility operations and asset ownership divisions
Outlook The Group is delighted with the positive progress made in the year and these results provide a stronger platform for continued, sustainable growth. The Group offers specialist services with increasing demand in markets mandated for growth, which is accelerating development, performance, and access to future opportunities. The renewable energy industry, in particular, is providing significant opportunities as the UK drives towards net-zero. This, combined with the advent of a new government with an ambitious housebuilding agenda, and the resurrection of onshore wind farm developments, presents significant and exciting opportunities for the Group. The Group is focused on its core strengths in sectors where it is very experienced and has increased the efficiency of its central operations. This has been fundamental to the Group's success and will be central to the delivery of its five-year strategy of growth and profitability. Commenting on the full year results, Lindsay Austin, Fulcrum CEO, said: The Group's leadership team is exceptionally proud of the turnaround we've achieved, and the contribution made by our excellent people, that has delivered a return to profitability. The strong, collaborative approach we have brought to the Group, with the full support of our highly engaged major shareholders, has ensured the outcomes of the strategic review were successfully implemented and have set us on a path to sustainable, progressive improvements. We have optimised the expertise within the Group, delivered cost improvements and efficiencies through streamlined processes and allowed our divisions the autonomy to pursue and secure new relationships and build on long-term partnerships. The Group is operating in booming, high-growth markets, offering in-demand specialist services, which is accelerating their growth and access to future opportunities. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. |
1963557 08-Aug-2024