REG - Hercules Site Svcs - AGM Statement

Hercules Site ServicesAnnouncement

25/05/2022 07:00

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RNS Number : 6684M  Hercules Site Services PLC  25 May 2022

25 May 2022

 

 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 2.00 p.m. where the Company's Non-Executive Chairman,
Henry Pitman, will provide the following statement:

 

"We are delighted to welcome you to our inaugural AGM on the back of a
transformative year for Hercules in 2021. We are extremely proud to have
joined some of the world's leading businesses by listing on the AIM market of
the London Stock Exchange in February 2022. We expect to see a step up in our
growth, driven by highly favourable market conditions and our multi-year
contract as part of the integrated labour desk which is expected to supply at
least 4,000 workers to the HS2 Phase 1, northern section, over the life of the
project.

 

"This HS2 contract is an important milestone for Hercules, which has prompted
significant investment in our business during H1 2022. The successful contract
award is testament to the strong blue chip customer base secured over the past
14 years, and to the strength of our technology-enabled offering, which we
believe differentiates us from other labour supply services in the market
today. I am pleased to report that the delivery of the contract has started
well and we are excited to be ramping up activity in response to increasing
labour demand.

 

"The high utilisation we are experiencing for our suction excavator fleet is
also driving growth. Our suction excavators have received significant industry
acclaim for implementing innovative new techniques, which improve the health
and safety of employees and reduce our client's costs. Our suction excavator
services complement the Company's core labour supply business and civil
projects delivery division and enable us to offer a range of services under
one roof. In April 2022, we took the decision to acquire an additional ten
suction excavators, which will expand our fleet from 20 vehicles by August
2022, to 30 vehicles by March 2023 and will make it one of the largest fleets
in the UK.

 

"In summary, the Board of Hercules is confident that the outlook for the
Company is bright. Of course, we are closely monitoring the headwinds the
wider economy is facing, especially rising inflation, but we remain positive,
given that we are experiencing unprecedented demand for our services due to
the multi-billion-pound infrastructure commitments made by the UK government
and private enterprises. We have a strong pipeline of work and we are being
contracted for projects outside of our core verticals, such as laying
fibre-optic broadband cables. We believe this is due to the Company's
excellent reputation as a leading provider of labour supply, an in-built
competitive edge through our embrace of digital technology and our
hard-working team who are passionate about what they do.

 

"We thank our shareholders and all our stakeholders for their support and look
forward to providing updates on our progress as we focus on applying ourselves
to the exciting growth opportunities ahead of us."

 

Additionally, the Company expects to announce its interim results for the six
months ended 31 March 2022 during the week commencing 6 June 2022.

 

-ENDS-

 

For Further Information and Enquiries, Please Contact:

 

 Hercules Site Services plc                                                             c/o SEC Newgate

 Brusk Korkmaz (CEO)

 Paul Wheatcroft (CFO)

 SP Angel (Nominated Adviser and Broker)                                           +44 (0) 20 3470 0470

 Matthew Johnson / Adam Cowl / Harry Davies-Ball (Corporate Finance)

 Grant Barker / Rob Rees (Sales and Broking)

 SEC Newgate (Financial PR)                                                       +44 (0) 20 3757 6882

 Elisabeth Cowell / Ian Silvera / Max Richardson                       Hercules@secnewgate.co.uk

 

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.

 

 

 

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