CONTINUED DELIVERY ON ALL FINANCIAL METRICS
Financial highlights
· Revenue up 8.3% to £19.6m (2016 restated: £18.1m)
· Underlying* EBITDA up 14.2% to £4.0m (2016: £3.5m)
· Profit before tax up 19.4% to £3.7m (2016: £3.1m)
· Net cash inflows from operations of £2.1m, after the addition of £1.3m in gas pipeline and meter assets
· Basic earnings per share of 1.8p (2016: 1.6p)
· Cash of £14.5m at September 2017 (2016: £12.5m)
· Board is recommending an interim dividend of 0.7p per share for FY2018, up by 17% (2017: 0.6p per share)
Operational highlights
· Sustained growth in the order book, up 11% since March 2017 to £33.7m
· Strengthened in-house capabilities through investment in additional multi-skilled direct delivery teams and technical designers
· Increased the annualised external gas asset purchase run-rate to £10m
· Independent Distribution Network Operator (iDNO) licence granted by Ofgem in November, enabling electricity asset adoption from early 2018
· Online assets value portal launched in November, providing instant gas and electricity asset quotations and orders
· Given the growth potential in the acquisition of external utility assets, the Company is reviewing potential options to increase its debt facility to support this part of its strategy
· Expanding service offering to provide an end-to-end electric vehicle (EV) charging infrastructure solution
Martin Harrison, CEO of Fulcrum, 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 assetsand associated future income streams. We are reviewing potential funding options to enhance these purchases and deliver increased shareholder returns. 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.”