Revenues soar 85 per cent at Cirencester's Hercules Site Services
Hercules Site Services plc, the South Cerney, Cirencester based technology enabled labour supply company for the UK infrastructure sector, has seen revenues soar by 85 per cent to £37 million, up from £19.9 million last year.
It said that further investment in people and procedures in the first half of the year has prepared the business for expected growth in the second half of the year, particularly labour supply and suction excavator services
It added that labour supply to HS2 Phase 1 (northern section) has increased to 400 operatives from 180 in March last year.
Its Skills, Employment and Education Everything Portal has become revenue generative and its now supplying labour to Taylor Woodrow, at the Exxon-Mobil oil refinery expansion in Fawley, near Southampton
New clients secured during the period in the civil projects division include Amey and SGN Ltd and it has successfully raised £1.7 million to finance continuing growth.
Brusk Korkmaz, Chief Executive Officer, said: "We are delighted to have delivered a positive start to the year, with revenue growing by 85 per cent and an increase in gross profit of 71 per cent over 2022 levels, whilst we continue investing in support of further value creation in H2 2023.
"This success has been achieved through the continued labour supply services ramp-up at the HS2 northern section, the addition of new clients across all areas of our business and the delivery of more suction excavators in the period.
"We are also very pleased to see that our Skills, Employment and Education Everything Portal has become revenue generating, demonstrating again that we are at the cutting edge of labour supply and services innovation in the construction sector. The addition of new clients, namely Amey and SGN, has also further accelerated growth in our civil projects division.
"With this strong momentum in the construction and infrastructure sectors, and a solid pipeline of new clients, we are ideally placed to maintain the levels of growth we have delivered in recent years and are on track to meet market expectations for the full year."
