51% growth for AIM-listed Hercules

Hercules Site Services, which listed in the Alternative Investment Market (AIM) of the London Stock Exchange in February last year, generated revenue of £49.5m in the year to 30th September 2022 (2021: £32.7m).

With more than £440,000 of costs relating to the initial public offering, pre-tax profit dipped to  £161,000 (2021: £572,000).

The company’s core labour supply business began a contract to supply labour to the HS2 project at the start of the year. It has also grown its specialist plant services business – it now owns a fleet of 20 suction excavators with a further 10 due for delivery by 31st March – and has added new clients for its civil projects division.

It has also introduced two new income streams to the labour supply business. The supply of security personnel which has started on the M42 and a white-collar recruitment business, placing permanent job roles, such as engineers and site managers, has secured its first business with client Galliford Try. Other labour supply customers include Balfour Beatty, Costain, Kier, Skanska, Dyer & Butler and Volker Fitzpatrick.

Chief executive Brusk Korkmaz, who founded the business in 2008, said: “Hercules has enjoyed positive year-on-year growth in 2022 which has seen us successfully deliver on our strategy and achieve momentum across all areas of our business. In doing so, we have continued our long-term track record of creating value for our stakeholders.

“As these results show, Hercules is ideally placed to benefit from the buoyant market conditions and we have invested in our business during the period to prepare for continued growth in the months and years ahead. We have been implementing a successful strategy to tackle wage inflation and post year end trading has been very encouraging, underpinning our confidence for the current year.”

Chairman Henry Pitman added: “It has been a positive year which has seen Hercules achieve all the near-term milestones communicated at the time of our listing, and we look forward to continuing this theme in the months and years ahead.”

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