Record revenues again for Cirencester's Hercules
Hercules Site Services plc, the Cirencester-based labour supply company for the UK infrastructure and construction sectors, has reported record revenues again.
Unaudited results for the six months ended 31 March reveal revenues up 32 per cent to £48.8 million. Gross profit increased by 21 per cent to £8.1 million.
The company reported significant growth in all areas, combined with the first contribution from the white collar supplier to the construction industry, Future Build Recruitment Ltd, which Hercules acquired late last year, helped the company achieve another period of record growth.
Hercules' construction academy in Nuneaton opened in January this year and has already started to generate significant interest and initial revenues from colleges, clients, and the industry in general.
Hercules' supply of labour to HS2's northern section has increased to 450 operates and other supply sites increased to 550 operatives by the end of March.
Initial work has begun on Sizewell C Nuclear plant. This is expected to be in construction for up to 20 years with an estimated cost of £30 billion and is the Company's first engagement in the nuclear industry.
Brusk Korkmaz, Chief Executive Officer, said: "The start of the year has been very positive indeed, with revenue growing by 32% and a 21% increase in gross profit over H1 2023 levels. In addition, we grew EBITDA to £2.1m in H1 2024, up from £1.1m in H1 2023, and completed our first acquisition in line with our growth strategy.
"This continued success has been achieved by a great management team which has a desire to over-achieve. Our supply of skilled operatives to both the HS2 Northern Section and other infrastructure sites has increased during the period. In addition, we have added further new labour supply frameworks, including Costain and Hill Group, which will stand us in good stead in the years to come.
"The civil projects division has won a significant number of tenders, new clients include Trant Engineering and Curio Group, and is well on the way to achieving its targets in 2024.
"We are on track to meet market expectations for the full year, as the strong momentum in the construction and infrastructure sectors continues."
