Hercules Site Services plc (LON:HERC), a leading technology enabled labour supply company for the UK infrastructure sector, has provided a trading update for the six months ended 31 March 2024, based on unaudited management accounts for the period.
The Company is trading in line with market expectations for the full year to 30 September 2024, with revenue expected to be over £47 million for the first six months. This represents an increase of c. 27% on the six months to 31 March 2023 (£37.0m). All income streams grew, each with their own individual drivers, underpinned by the substantial demand in the infrastructure sector.
Hercules will publish its Interim Results on 3 June 2024. On the same day, CEO Brusk Korkmaz and CFO Paul Wheatcroft will deliver a live presentation regarding the Company’s Interim Results via the Investor Meet Company platform at 14:00 (BST). Further details can be found below.
Brusk Korkmaz, Hercules Site Services Chief Executive Officer, commented:
“We have delivered further revenue growth in the first half of this financial year and gained a number of new contracts, including over £5m in civil projects and signed a significant new framework agreement with Costain. The integration of Future Build Recruitment following our acquisition of the business in December 2023 is progressing well and we are already seeing cross-selling and upselling opportunities from our existing clients.
“As the UK continues to face a skills shortage, the Hercules Construction Academy successfully opened in January 2024 and is already developing a reputation for delivering first class training and the upskilling of workers across the industry. The site, based in the West Midlands, also gives us a strategic foothold in the heart of England.
“We are trading in line with expectations and, with continuing strong momentum in the infrastructure sector including highways, energy and water, we look forward to the rest of this financial year with confidence.”
