Fulcrum Utility Services (FCRM)

Fulcrum Utility Services FCRM Logo

The UK’s market leading independent multi-utility infrastructure and services provider.

5-Dec-2017 – 65p – £113.5m – PER 16.3

Interim Results For The 6 Months To End September 2017 – Revenue up 8.3% to £19.6m (2016 restated: £18.1m), PBT up 19.4% to £3.7m (2016: £3.1m) and with Cash of £14.5m (£12.5m last time) the Board is recommending an Interim Dividend of 0.7p per share (up 17%).

A decent update from a company that probably looks fairly priced around this level.

28-Mar-2018 – 60.42p – £127.3m – PER 14.5

Trading Update For The 12 Months To End March 2018 – In-line, recent acquisitions will enhance service offerings and in-house capabilities. Confident outlook.

Not sure about the acquisitions but I will continue to hold for now and observe.

5-Jun-2018 – 71.5p – £151.1m – PER 16.6

Preliminary Results For The 12 Months To End March 2018 – Revenue up 18.8% to £44.8m (2017: £37.7m), PBT (before exceptional items) up 20.3% to £7.8m (2017: £6.5m) with basic EPS of 4.0p (2017: 3.3p). Order book strong.

I hold here but was not so sure of the recent acquisitions – These results seem to indicate things seem to be progressing reasonably well so I will continue to hold for now.

Subsequent Note: Sold out here on 19-Jul-2018, main reason based on forecasts. On a PER of 14.2 the EPS growth rates were +43.3% (2018A), +11.8% (2019E) and +1.11% (2020E), Revenue growth for 2019 and 2020 was forecast at about +30% and +5% or so respectively. I still like the ROCE and Operating Margin here but the EPS forecasts reflected signs of a decent sized deceleration. I am now Neutral here.

26-Sep-2018 – 61.5p – £132.7m – PER 13.6

AGM Statement – In-line.

I remain Neutral considering this perhaps fairly priced at these levels.

4-Dec-2018 – 63.3p – £139.5m – PER 13.8

Unaudited Interim Results For The 6 Months To End September 2018 – Revenue up 49%, PBT up 13.5% with EPS of 1.7p (1.8p last time), Cash is down from £14.5m to £10.4m.

I previously held here and still consider 60p or so a fair price here.

28-Mar-2019 – 34.25p – £75.8m – PER 7.4

Trading Update – Looks like a mild Profit warning with a 10% or so miss.

As an ex-holder I am not yet tempted back in here.

20-Sep-2019 – 24p – £53m – PER 6.5

Results For The 12 Months To End March 2019 – Revenue up 20.4% to £48.9m (£40.6m), Adjusted PBT up from £7.9m to £8.6m with EPS down from 4.3p to 3.5p, Net Cash is down from £9.4m to £3.8m and the FY Dividend is up 7.1%.

This looks like a bit of a miss to me, I retain no further interest at present.

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