Fulcrum Utility makes 'positive progress' during H1

Multi-utility services provider Fulcrum Utility Services said on Wednesday that it had made "positive progress" in executing its strategy in the first half of the year, with the group trading in line with internal expectations.

Fulcrum stated that in the first half of the trading year, it had continued to make "good progress" in expanding its multi-utility contracting and smart metering businesses and secured "a variety of new contract wins", resulting in order book growth of 45% to £81.1m.

The AIM-listed group said its "significant order book growth" in the six months ended 31 August was underpinned by it being awarded a series of high-value contracts in its core markets.

Fulcrum "significantly" grew its smart metering order book in the period by £19.0m to £29.4m, underpinned by £24.0m in contracts with E and Ecotricity, and also won "noteworthy" contracts in its housing, industrial and commercial, and maintenance and ownership divisions.

Looking forward, Fulcrum said: "The board remains excited by the Group's growth potential, encouraged by the positive progress made and order book growth achieved in the period, and will continue to evaluate organic and strategic growth opportunities to ensure that the Group meets its fullest potential.

"The extremely strong market drivers presented by the UK's energy transition, continues to provide clear and significant growth opportunities for Fulcrum, and the board is confident that the group is well positioned to capitalise on them now and in the future."

As of 1100 BST, Fulcrum shares were up 5.0% at 21.0p.