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Fulcrum Utility Services Limited boosted by recent performance

Shares in infrastructure provider Fulcrum Utility Services Limited shot up almost 9% as it revealed recent performance mean its full year results to end March will beat market expectations. .

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The group outlined an array of significant new contracts it won in the fourth quarter...

Shares in infrastructure provider Fulcrum Utility Services Limited (LON:FCRM) shot up almost 9% as it revealed recent performance mean its full year results to end March will beat market expectations.

The group outlined an array of significant new contracts it won in the fourth quarter, including a £387,000 gas project for the new development at Royal Albert Dock in London.

It also bagged  a £249,000 dual fuel contract to deliver gas and electricity to a new energy centre in Glasgow and a £369,000 deal to deliver new gas infrastructure at the Chelsea Barracks redevelopment.

It also revealed today that its £4 million contract to install a 13 km pipeline to link Scotland's main gas network to four distilleries in Speyside, had been completed one month ahead of schedule, despite the complex nature of the work.

"The company has performed well over the 12 month period ending 31 March 2016, with revenue in line with market expectations," it said in the statement.

"Underlying performance and cash generation have continued to improve over the period resulting in both EBITDA and the cash at bank for the full year being materially ahead of market expectations."

"We continue to move forward with confidence for the future," added Martin Donnachie, chief executive.

Shares gained 8.75% to stand at 35.75p.

Quick facts: Fulcrum Utility Services Ltd

Price: 25.25 GBX

AIM:FCRM
Market: AIM
Market Cap: £56.08 m
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