Hercules plc (LON:HERC), a leading UK infrastructure and construction services group, has announced its audited results for the year ended 30 September 2025.
Following the publication of the FY 2025 Annual Report, the suspension of the Company’s securities from trading on AIM is expected to be lifted at 7.30 a.m. on 22 May 2026.
Information regarding the Company’s forthcoming Annual General Meeting will be announced in due course.
FY 2025 Financial Highlights:
· 19% increase in revenue to a record £121.2m, ahead of expectations (FY 2024: £101.9m)
· Underlying EBITDA* increased 34% to a record £6.4m (FY 2024: £4.7m)
· Underlying pre-tax profit** of £4.0m (FY 2024: £2.6m)
· Statutory PBT from continuing activities of £0.9m (FY 2024: £2.2m) reflecting amortisation of acquisition-related intangibles, all share-based charges and exceptional acquisition related items, IT system implementation costs and business development expenditure
· Underlying EPS*** increased to 4.74p (FY 2024: 3.47p)
· Cash generated in the year £7.6m (FY 2024: £7.5m)
Operational Highlights:
· Labour Supply: Successful acquisition of Advantage NRG saw Hercules enter the Power and Energy sector
o Strong demand and delivery, supplying labour resources to 65 clients (FY 2024: c.40) and c. 540 (FY 2024: c.300) different project locations during FY2025, not including Advantage NRG
o Increase in the average number of operatives deployed by the Labour Supply business to 1,230 (FY 2024: average of 1,150)
o App downloads (Recruitment and Onboarding) increased year on year to c. 20,000 (FY 2024: c. 16,000)
· Construction Services: Acquisition of Quality Transport Training Ltd (“QTT”) increased capacity of the Hercules Academy, and, post period end, Lyons Power Services was acquired providing additional capability in the Power and Energy sector.
o Civil Projects leveraged its water sector experience to win significant levels of repeat work, mainly for key delivery partners for the AMP 8 water industry investment programme (AMP 8 infrastructure spend is £104bn, double that in AMP 7 at £51bn)
o Anglian Water Civils Framework continued at pace, with sizeable projects being allocated to Hercules
o Construction Academy has trained more than 2,000 individuals since opening in January 2024. The integration of QTT has helped scale the Hercules Academy training operations to support the UK’s growing infrastructure project pipeline with a skilled, job-ready workforce
Shareholders will note that the Annual Report contains a qualified audit opinion relating to historical matters involving a limited number of training and consultancy suppliers. The Group has fully cooperated with the review process and has strengthened its internal controls and procedures going forward. Further information is contained in the Chairman’s Statement and audit report.
H1 Trading Update:
· Unaudited revenue increased to £59.2m for the six months ended 31 March 2026 (H1 2025: £54.6m)
o Includes the impact of recently acquired Advantage NRG business where revenue is heavily weighted to the second half of the year
o The Civil Projects division has benefitted from expenditure connected with the new AMP 8 investment cycle
o Labour Supply business, which is also traditionally weighted to the second half of the year, has been impacted by delays to some key infrastructure projects. This has been partially mitigated through expanding the range of clients supplied
· The Company will announce its Interim Results in mid-June 2026
*Underlying EBITDA definition – adjusted for profit/loss on sale of fixed assets, exceptional items and R&D expenditure.
**Underlying pre-tax profit definition – same adjustments as for EBITDA but also excluding impairment and amortisation of intangibles.
***Underlying EPS definition – same adjustments as for pre-tax profit but also excluding prior year tax charges.
Brusk Korkmaz, Chief Executive Officer, commented:
“We have significantly expanded our operational capabilities across our Labour Supply and Construction Services businesses during the period, and our underlying performance in FY 2025 reflects this. We have been investing in our IT systems and acquired new expertise, adding to the long-term durability of our business.
“The long-term market backdrop is positive with at least £725 billion of government funding for infrastructure over the coming decade in our target sectors, including nationally significant programmes across power, water, transport and nuclear. Although we have seen delays across some key projects in H1, we have started the year with a strengthened market position and platform through which we can execute on the substantial market opportunities available to Hercules.
“In particular, the acquisition of Advantage NRG has enhanced our capability in the Power and Energy sector where the UK is embarking on a major upgrade of its electrical infrastructure focused on extending and modernising the country’s transmission and distribution networks. Advantage NRG’s deep expertise in overhead electrical transmission, and its ability to source, train and mobilise specialist linesmen, both in the UK and internationally, perfectly complements our strategy.
“Growing our business rapidly both organically and through acquisitions to achieve revenue of over £120m in FY 2025 is a fantastic achievement but has placed strains on our systems and controls which has led to a thorough review of our internal processes. Going forward we are confident that we now have in place robust procedures across the Group to handle our future needs as we drive the business forward.
“We remain committed to disciplined, selective expansion, ensuring that growth is delivered safely, sustainably and in a way that maximises long-term shareholder value.”
