The issued share capital of Fulcrum Utility Services (FCRM) has expanded by around a quarter since the 2017 half-year report on the back of the acquisitions of Dunamis and CDS Pipe Services and employee share option conversions. The subsequent dilution, coupled with increased amortisation costs, undermined reported earnings even as the multiutility services provider booked a substantial increase in half-year revenues.
The Sheffield-based group was granted an independent network operator’s licence in November last year, and is in the process of setting up a division to install and operate smart meters, having secured meter operator accreditation in September. The group is engaged in ongoing discussions with numerous businesses over the installation of charge points nationwide, as demand for electric vehicles (EV) continues to increase.
Analyst N+1 Singer is forecasting adjusted pre-tax profits of £11.4m, giving EPS of 4.5p for the March 2019 year-end (from £7.8m and 3.9p in FY2018).
| FULCRUM (FCRM) | ||||
| ORD PRICE: | 60p | MARKET VALUE: | £132m | |
| TOUCH: | 60-60.6p | 12-MONTH HIGH: | 78p | LOW: 48.5p |
| DIVIDEND YIELD: | 3.6% | PE RATIO: | 15 | |
| NET ASSET VALUE: | 18p* | NET CASH: | £10.4m | |
| Half-year to 30 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2017 | 19.6 | 3.70 | 1.80 | 0.70 |
| 2018 | 29.2 | 3.97 | 1.70 | 0.75 |
| % change | +49 | +7 | -6 | +7 |
| Ex-div: | 27 Dec | |||
| Payment: | 25 Jan | |||
| *Includes intangible assets of £27.5m, or 12p a share | ||||
