REG - Hercules Site Svcs - AGM Statement

Hercules Site ServicesAnnouncement

11/03/2024 09:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240311:nRSK3407Ga&default-theme=true

RNS Number : 3407G  Hercules Site Services PLC  11 March 2024

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:

 

 Hercules Site Services plc                                                             c/o SEC Newgate

 Brusk Korkmaz (CEO)

 Paul Wheatcroft (CFO)

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

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

 Grant Barker / Rob Rees (Sales and Broking)

 Cavendish Securities plc (Joint Broker)                                           +44 (0) 20 7397 8900

 Adrian Hadden / Charlie Combe / Dale Bellis (Sales and Broking)

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

 Elisabeth Cowell / Ian Silvera / Matthew Elliott                      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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMUAUKRSRUOARR