H1/21A results reflect a period where COVID-19 impacted Q1/21 trading, masking over early signs of progress from the company's new strategic plan. Given activity rebounded during Q2/21 to pre-COVID levels, we expect a stronger H2/21E delivery and a profitable FY21E on flattish revenues. In FY22E, we expect to see material signs of progress in trading from strategic growth initiatives (housebuilding/EV/smart metering etc). Given these long-term drivers, we believe Fulcrum should be viewed as an a ....