Fulcrum to move into electric car charging as order book and revenue soar to new high
SHEFFIELD-BASED INFRASTRUCTURE business Fulcrum is to enter the electric car charging market after reporting a 19 per cent jump in profits.
The company, which provides gas and electricity to major sites around the country including the Olympic Stadium, Scottish distilleries and many housing estates reported strong growth in its order book, which has risen 11 per cent since March to £34m.
Fulcrum also confirmed plans to enter the emerging UK electric vehicle charging market to support the growth of the network with its utility infrastructure design, construction and ownership capabilities.
The growth in the order book was boosted by a number of notable contract wins, including a £2.4m project to deliver new gas infrastructure to three Short Term Operating Reserve (STOR) sites across the UK. These sites will convert gas to electricity at times of peak demand.
The company was also awarded a range of commercial and residential projects, including the conversion of a distillery from its existing fuel source to natural gas with the installation of a 1.8km pipeline.
Martin Harrison, chief executive, said: “The successful execution of the company’s strategy continues to place Fulcrum in a strong financial and operational position.
“We remain committed to safety and excellent customer service, enhancing our in-house multi-utility capabilities and growing infrastructure services and the asset base.
“The granting of the iDNO licence will further enhance our growth in utility assets and associated future income streams. We are reviewing potential funding options to enhance these purchases and deliver increased shareholder returns.
“Fulcrum is also expanding its service offering to provide an end-to-end EV charging infrastructure solution by supplying and installing electric vehicle charging stations. The company sees this as an evolution of its existing electricity infrastructure provision in an exciting and growing market.
“Fulcrum’s strategy provides a solid foundation to build upon the performance achieved in the first half of the year and the outlook remains positive for the full year 2018.”