Gloucestershire labour supply company to sell excavator business
Hercules Site Services, the Gloucestershire-based labour supply company for the infrastructure and construction sectors, is to sell its suction excavator business, saying it's now a non core activity, amounting to less than five per cent of the Group's revenues.
The move, says the company, will reduce debt levels and increase cash flow, allowing to to devote more resource to building its labour supply business as the UK continues to invest in substantial construction and infrastructure upgrades.
Last October, Hercules said it was expecting another record year. Revenues for the 12 months ending 30 September 2024 were expected to exceed £105 million – up 24 per cent on the prior year.
Selling its suction excavator business is expected to contribute to higher profit before tax, improved earnings per share, and enhanced returns for shareholders.
Hercules also expects this move to reinforce the Group's market positioning as a labour supplier of skilled operatives and trades for large scale UK infrastructure projects in rail, roads, water, power networks to nuclear energy and airports.
