REG - Hercules Site Svcs - AGM Statement

Hercules Site ServicesAnnouncement

13/03/2023 07:00

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RNS Number : 6515S  Hercules Site Services PLC  13 March 2023

13 March 2023

 

 Hercules Site Services plc

("Hercules" or "the Company")

 

AGM Statement

 

The Annual General Meeting ("AGM") of 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 AGM, following a year where we
delivered 50% growth in turnover. This success enabled us to propose a final
dividend for the year ended September 2022 of 1.12p per share, resulting in a
total dividend of 1.72p per share for the year.

 

"The Directors believe another such year of similar growth lies ahead, and we
are excited at the prospects for Hercules in both the near and mid-term as we
seek to grow the business both organically and via selective acquisitions.

 

"Our pipeline for 2023 looks robust across all three of our business units
and, as outlined in our Full Year results, trading in the current financial
year has begun positively. As well as increased momentum on the HS2 rail
project from London to Birmingham, we expect further growth to come from new
contracts for our Labour Supply, Suction Excavator and Civil Projects
divisions, driven by the buoyant conditions in the infrastructure market at
present. Our recent fundraise provides us with additional working capital to
enable us to meet the strong demand for our services we are experiencing.

 

"On top of the significant value we expect to create through our core business
divisions, we look forward to building on the momentum we have achieved in
terms of monetising our digital services. With regards to potential
acquisitions, we are progressing discussions with potential targets and look
forward to updating the market at the appropriate time.

 

"The Board of Hercules remains confident about the outlook for the Company. We
have to navigate through the current challenging economic climate similar to
other UK businesses, but 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 again thank our shareholders and all our corporate stakeholders for their
support. I would also like to thank the Hercules team for their hard work and
passion during the period which, together with the strength of our reputation
and our competitive market positioning through our embrace of digital
technology, is key to our past and future success."

 

Additionally, the Company expects to announce its Interim Results for the six
months ended 31 March 2023 during the week commencing 5 June 2023.

 

-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 / Matthew Elliot                       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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