Fulcrum Utility Services (AIM:FCRM) decent results but unusual balance sheet warrants clarification
The energy and multi-utility infrastructure and services provider announced decent interim results for the six months ended 30 September 2015. It’s looking encouraging but we would like to see greater clarification of the material Trade and other payables line which dominates the balance sheet
Fulcrum is an independent energy and multi-utility infrastructure and services provider. The Company’s primary business is the provision of unregulated utility connection services to the residential, commercial and industrial markets throughout the UK. These range from the design, installation or alteration of connections for single site properties to large complex multi-site projects. Through its subsidiary, Fulcrum Pipelines Limited, Fulcrum is also licensed as an Independent Gas Transporter, operating pipelines used to transport gas to homes and commercial properties from the main UK gas network. For the 6 months ending 30th September 2015 revenue grew £0.3m to £17.1m with annualised repeat…