6 January 2025
Hercules Site Services
plc
("Hercules" or the "Company" or the "Group")
Strategic Update and Notice
of Results
Hercules Site Services plc (AIM:
HERC), a leading technology enabled labour supply group for the UK
infrastructure and construction sectors, is pleased to provide a
strategic update relating to its proposed intention to divest its
Suction Excavator business, (the "Proposed Divestment"), as it is
now a non-core activity.
In the 12 months to 30 September
2024 ("FY24"), the Suction Excavator business amounted to less than
5% of the Group's revenue, but 88% of its consolidated debt
excluding invoice discounting. Therefore, the Proposed
Divestment will materially reduce debt levels and increase
the Group's free cash flow. The Proposed Divestment will
enable the Group to dedicate greater resources to deliver on its
strategy to capitalise on the continued high-growth opportunities
available to Hercules' core Labour Supply business as the UK
continues to carry out a series of substantial construction and
infrastructure upgrades.
The Proposed Divestment, when
completed, is expected to contribute to higher profit before tax,
improved earnings per share, and enhanced returns for shareholders
in the near future. In addition, Hercules expects this move to
reinforce the Group's market positioning as a trusted labour
supplier of skilled operatives and trades for large scale UK
infrastructure projects in rail, roads, water, power networks to
nuclear energy and airports.
Reflecting the decision to sell the
Suction Excavator business, in accordance with accounting
standards, the Group's forthcoming FY24 results will present the
Suction Excavator business results as Discontinued Operations.
Notice of Results and Investor Presentation
The Group's FY24 results will be
announced on Monday 13 January 2025.
Brusk Korkmaz, CEO, and Paul
Wheatcroft, CFO, will deliver a live presentation relating to the
Full-Year Results via the Investor Meet Company platform on the
same morning at 11.00am GMT.
The online presentation is open to
all existing and potential shareholders.
Questions can be submitted pre-event
via the IMC dashboard or at any time during the live presentation
via the "Ask a Question" function. Although the Company may not be
in a position to answer every question it receives, it will address
the most prominent within the confines of information already
disclosed to the market. Responses to the Q&A from the live
presentation will be published at the earliest opportunity on the
Investor Meet Company platform.
Investor feedback can also be
submitted directly to management post-event to ensure the Group can
understand the views of all elements of its shareholder
base.
Investors can sign up to Investor
Meet Company for free and add to meet Hercules via:
https://www.investormeetcompany.com/hercules-site-services-plc/register-investor
Investors who have already
registered and added to meet the Group will be automatically
invited.
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 Broker)
Matthew Johnson / Adam Cowl
(Corporate Finance)
Grant Barker / Rob Rees (Sales and
Broking)
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+44 (0) 20 3470 0470
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Cavendish Capital Markets Limited (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
/ Nina Renata Pop
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+44 (0) 20 3757 6882
Hercules@secnewgate.co.uk
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