Utility infrastructure and services provider Fulcrum issued its audited preliminary results for the year ended 31 March on Tuesday, reporting strong organic growth, enhanced by the successful acquisitions of Dunamis and CDS.
The AIM-traded firm said revenue was up 18.8% to £44.8m, with adjusted EBITDA ahead 19.2% to £8.7m.

Its profit before tax before exceptional items rose 20.3% to £7.8m, while the board reported net cash inflows from operations of £2.5m, down from £6.0m.

Basic earnings per share were 4.0p, up from 3.3p, with cash standing at £9.4m as at 31 March, down from £12.6m year-on-year.

The board said its strong cash flow supported its progressive dividend policy, recommending a final dividend of 1.4p per share, up from 1.3p the year before.

That would result in a full-year dividend of 2.1p per share, up from 1.9p, or an increase of 10.5%.

The dividend reflected the board's ongoing confidence in the group's ability to generate cash and its future prospects, the directors explained.

"This has been a transformative year for Fulcrum in which we continued to deliver against our strategy and strengthened our market position," said CEO Martin Harrison.

"We have driven strong organic growth in our core business and have expanded our in-house capabilities and share in the electric and specialist gas connections markets following the acquisitions of Dunamis and CDS."

Harrison said the company remained "committed" to safety, providing excellent customer service, enhancing its in-house multi-utility and infrastructure service capabilities and growing the utility asset base.

"The combination of the new £20.0m debt facility and our net cash of £9.4m positions us well for investing in new opportunities such as the ownership of electric utility assets, electric vehicle charging and smart metering solutions.

"We have a strong platform for continued profitable growth in the coming year and remain confident for the future."

Related share prices
Fulcrum Utility Services Ltd. (DI) (FCRM) share price