Fulcrum Group, the leading multi-utility infrastructure and services provider, has reported significant growth and a return to profitability in its latest financial results, as part of its strategy to deliver sustainable, progressive improvements across its divisions.
In its latest set of annual results for the financial year ending 31st March 2024, the Sheffield-based group achieved revenue of £53.4m, up from £50.6m in its 2023 financial year, with an operating profit of £522,000.
Fulcrum Group’s turnaround has been delivered following a comprehensive strategic review of the organisation and its four divisions during the last 18 months. This has led to a new Fulcrum Group leadership team, the streamlining of its corporate operations, enhancing the shared services utilised by its divisions, and a sharper focus on its core markets.
The group’s High Voltage (HV) connections specialist, Dunamis, is an Independent Connections Provider (ICP), which specialises in HV electricity infrastructure. Dunamis has delivered exceptional growth in the past 12 months as it strengthens its position in thriving markets that include renewable energy, by connecting large-scale solar farms, battery storage sites and onshore wind projects.
The demand for Dunamis’ highly-specialist HV electrical engineering capabilities, coupled with the strengthening of its management team, has enabled the division to leverage a strong pipeline of opportunities.
Also operating in the HV electricity market is the group’s Maintech Power division, which provides HV installation and maintenance services. Maintech Power has contributed to the organisation’s financial success with a series of contracts for clients including EDF Renewables and Cambridge University.
Maintech Power has benefited from the surge in activity in renewable energy and the electrification of the UK’s power requirements as demand for its established and specialist services grows, overseen by its recently expanded management team of highly experienced HV specialists.
Fulcrum’s multi-utility operations division delivers multi-utility connections to housing developments and Industrial & Commercial schemes, nationwide.
In the period it has supported a portfolio of projects across the UK and secured its first significant framework contracts with a Gas Distribution Network. The division, led by a new management team, is well placed to contribute to the new government’s proposed house building policies, utilising its expertise in securing grid capacity and delivering multi-utility connections on time and on budget.
The group’s Asset Ownership division owns and operates gas and electricity networks that generate healthy and recurring revenues for the group. It consolidated its position in this financial year as it prepares for growth through future ownership opportunities.
Lindsay Austin, CEO of Fulcrum Group, 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.
“Over the past 18 months 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. In particular, Dunamis and Maintech Power are operating in booming, high-growth markets, offering in-demand specialist services, which is accelerating their growth and access to future opportunities.”
Jonathan Jager, Chief Financial Officer at Fulcrum Group, said: “The pace and agility of the change we have brought to the group has ensured a solid foundation for further sustainable growth.
“Focusing on our core strengths in sectors where we are very experienced, alongside the increased efficiency of our central operations and workforce development, have been fundamental to our success and will be central to the delivery of our next five-year strategy of growth and profitability.
“This, combined with the advent of a new government with an ambitious housebuilding agenda, and far-reaching energy policies, including its publicly owned GB Energy and the resurrection of onshore wind farm developments, presents significant and exciting opportunities for the group.”
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