REG - Hercules Site Svcs - AGM Statement

Hercules Site ServicesAnnouncement

17/03/2025 07:00

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RNS Number : 8008A  Hercules Site Services PLC  17 March 2025

17 March 2025

 

Hercules Site Services plc

("Hercules" or the "Company")

 

AGM Statement

 

Hercules Site Services plc (AIM: HERC), a leading technology enabled labour
supply group for the UK infrastructure and construction sectors, will hold its
Annual General Meeting ("AGM") today at 10.00 a.m. where the Company's
Non-Executive Chairman, Henry Pitman, will provide the following statement:

 

"During the financial year ended 30 September 2024 ("FY24"), our talented team
once again delivered a strong financial performance exceeding market
expectations. I am particularly pleased that revenue growth has averaged 48%
since our listing three years ago, fuelled by increasing demand for our
services and the successful execution of our strategic plan.

 

"Our core Labour Supply business experienced record levels of demand and
delivery, with a 35% increase in the average number of operatives deployed.
Overall, we delivered labour resources to more than 40 clients and 300
different project locations, resulting in a 28% rise in revenue and 34%
increase in adjusted EBITDA. Given the broader economic challenges facing UK
businesses, this achievement is especially commendable.

 

"A highlight of FY24 was the completion of our first acquisition. Acquiring
Future Build Recruitment expanded our presence in the construction sector,
particularly within the white-collar and permanent recruitment markets
complementing our existing blue-collar infrastructure offering.

 

"In January 2024, we successfully launched the Hercules Construction Academy,
which generated its first revenues during the period. To date, more than 1,100
people have been trained at the facility. With the Construction Industry
Training Board forecasting that the UK will require almost 225,000 additional
construction workers by 2027, we anticipate the Academy will be a good source
of future income growth as demand for training and upskilling workers
increases.

 

"With continued high levels of investment in the UK infrastructure and
construction sectors expected, we completed a successful £8m fundraise in
September 2024. The funds provide us with a robust financial platform to
pursue a range of compelling growth opportunities, both organically and
through selective acquisitions.

 

"As part of the fundraise, we welcomed two highly successful entrepreneurs to
our share register, providing a strong endorsement of our strategy. Ged Mason
has become a shareholder, bringing valuable experience in the recruitment
sector and Martin Tedham has also joined as a shareholder, leveraging his
expertise in building and scaling successful companies. We were also delighted
to appoint Martin as a Non-Executive Director. In addition, we were also
pleased to welcome Janus Henderson as a shareholder.

 

"I am also happy to report that we have had a successful start to FY25. In
January we sold our Suction Excavator business which immediately reduced our
debt and lease liabilities, strengthening our balance sheet. The disposal is
expected to enhance free cash flow, improve profit before tax and increase
earnings per share, while streamlining our business to focus on our successful
Labour Supply offering.

 

"In FY25, we expect our strong growth to continue as we convert the exciting
opportunities available to us driven by increased investment in the UK
infrastructure and construction sectors. We would like to thank our
shareholders, colleagues and customers for their support as we build on the
strong performance delivered to date and look forward to keeping them updated
on our progress."

 

 

 

 Hercules Site Services plc                                                         c/o SEC Newgate

 Brusk Korkmaz (CEO)

 Paul Wheatcroft (CFO)

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

 Matthew Johnson / Adam Cowl (Corporate Finance)

 Grant Barker / Rob Rees (Sales and Broking)

 Cavendish Capital Markets Limited (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

 Robin Tozer / Ian Silvera / Nina Renata Pop                       Hercules@secnewgate.co.uk

 

 

 

 

 

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