11 March 2024
Hercules Site Services plc
("Hercules" or the "Company")
AGM
Statement
Hercules Site Services plc (AIM:
HERC), a leading technology enabled labour supply company for the
UK infrastructure sector, will hold its Annual General Meeting
("AGM") today at 4.00 p.m. where the Company's Non-Executive
Chairman, Henry Pitman, will provide the following
statement:
"I am proud to be speaking to you
today following another year where we have delivered growth across
all areas of the Hercules business, exceeding market expectations
for 2023.
"This is particularly pleasing given
the challenging macro-economic conditions, which have
created pain-points for many businesses
over the last couple of years. To have delivered
over 70% revenue growth and nearly 80% growth in adjusted
EBITDA is testament to the quality and hard work of the Hercules
team, which has demonstrated its ability to execute effectively on
the continuing opportunities in the infrastructure
sector.
"The improvements in FY2023 in cash
generation have been further boosted with the recent addition of a
new improved ID facility, to aid further growth over the next few
years.
"Post-period end saw us complete the
acquisition of Future Build Recruitment Limited which sees us
expand our presence in the white-collar and permanent recruitment
market in the construction sector. This, together with the organic
growth we have achieved in the first few months of FY2024 is
expected to drive additional revenues. As well as winning new
clients, including significant industry players, we are also in the
early stages of ramping up activity at the Hercules Construction
Academy, which was launched in January. The success of these
initiatives provides us with confidence in our outlook for the
current financial year.
"Reiterating what we said in our
full year results, the UK has been living with high inflation and
interest rates for a good period of time now, but pleasingly the
infrastructure sector is still forging ahead. Access to labour
continues to be a core priority for the sector and we have built an
excellent reputation as a tier 1 provider due to our technological
edge and experienced management team.
"We would like to thank our
investors, colleagues and customers for their continued support of
our business. I would also like to take this opportunity to welcome
our new colleagues from Future Build to the business and thank them
for facilitating a successful, ongoing integration."
The Company expects to announce its
Interim Results for the six months ended 31 March 2024 during the
week commencing 3 June 2024.
For further information and
enquiries, please contact:
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Hercules Site Services plc
Brusk Korkmaz (CEO)
Paul Wheatcroft (CFO)
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c/o SEC Newgate
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SP
Angel (Nominated Adviser and Joint Broker)
Matthew Johnson / Adam Cowl / Harry
Davies-Ball (Corporate Finance)
Grant Barker / Rob Rees (Sales and
Broking)
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+44 (0) 20 3470 0470
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Cavendish Securities plc (Joint Broker)
Adrian Hadden / Charlie Combe / Dale
Bellis (Sales and Broking)
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+44
(0) 20 7397 8900
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SEC
Newgate (Financial Communications)
Elisabeth Cowell / Ian Silvera /
Matthew Elliott
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+44 (0) 20 3757 6882
Hercules@secnewgate.co.uk
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About Hercules Site Services PLC
Hercules is a leading tech enabled
labour supply company for the UK infrastructure sector. Founded in
2008, Hercules has an established track record of profitability and
fast-growth and has built a blue-chip customer base which includes
Balfour Beatty, Costain, Kier, Skanska, Dyer & Butler and
Volker Fitzpatrick. The Company has been appointed to provide
labour for a range of high-profile infrastructure projects, such as
HS2, due to its agile, innovative, digital first approach and
complete service offering. It is well-placed to benefit from any
government increase in infrastructure spending and its experienced
management team has identified multiple opportunities for
growth.