FULCRUM UTILITY SERVICES LIMITED
(“Fulcrum” or “the Group”)
Final results for the year ended 31 March 2022 (“FY22”)
Headlines:
- Revenue up 31.2% to £61.8 million (2021: £47.1 million)
- Adjusted EBITDA1 of £0.5 million (2021: £0.1 million)
- Loss before tax of £14.2 million (2021: £11.5 million)2
- Cash outflow from operating activities of £7.6 million (2021: £2.4 million)
- Adjusted earnings per share of (1.4)p (2021: (0.9)p) and basic earnings per share of (5.2)p (2021: (4.6)p)
- Net cash of £11.2 million as at 31 March 2022 (2021: £1.5 million net debt)
- Debt facility headroom of £10 million as at 31 March 2022 (2021: £4.3 million)
- Net assets of £45.9 million (2021: £35.4 million)
1 Adjusted EBITDA is operating loss excluding the impact of exceptional items, other net gains, depreciation, amortisation and equity-settled share-based payment charges.
2 Includes £10.6 million of exceptional items (2021: £8.5 million), including £5.6 million for onerous contracts (2021: £nil
Commenting on the full year results, Antony Collins, Chief Executive Officer, said:
“I was delighted to have the opportunity to join the Group in January 2022. Whilst, as with most businesses, Fulcrum is not without challenges, I strongly believe the business has the essential capabilities to be successful in an exciting and growing marketplace.
“Despite the significant challenges presented to the Group this year, including the impact of the UK's energy crisis and wider, very difficult trading conditions, I am confident that Fulcrum can grow and be successful in several exciting and growing markets. At the same time, the new executive team is identifying improvement opportunities and ensuring optimal performance to deliver long-term, sustainable growth for the benefit of all shareholders.
“The Group's medium to long-term growth also remains underpinned by strong market drivers and government stimulus. These, I believe, position Fulcrum well to benefit from the UK's transition to a low carbon economy and a net-zero future.”