REG - Hercules Site Svcs - Civils Projects Division Update

Hercules Site ServicesAnnouncement

20/09/2023 07:00

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RNS Number : 9660M  Hercules Site Services PLC  20 September 2023

20 September 2023

 

Hercules Site Services plc

 

("Hercules" or "the Company")

Civils Projects Division Update

 

Hercules Site Services plc (AIM: HERC), a leading technology enabled labour
supply company for the UK infrastructure sector, is pleased to announce that
its Civils Projects division has been awarded contracts with a combined value
of over £3.1 million since 1 May 2023 to deliver critical work for two major
clients relating to nine wastewater treatment and water management projects.

 

The Civils Projects division has particular expertise in executing projects in
this sector and experienced a busy summer as UK water companies face mounting
pressure to increase the country's water resilience.

 

As announced in the Company's interim results, revenue for the division in H1
increased by 30% to £6.7m during the six months to 31 March 2023 (H1 2022:
£5.1m). The Company's Civils Projects team provides substantial opportunity
for Hercules to cross-sell its labour supply and suction excavator services to
blue chip clients.

 

The contracts are divided as follows:

 

·    £2.28 million awarded from Thames Water across six sites, the largest
contract being at Ufton Nervet WTW in West Berkshire.

·  £895,000 awarded from Anglian Water across three sites, the largest
contract being at Towcester in Northamptonshire.

 

Paul Field, Construction Director, commented: "H2 2023 kicked off to a busy
start and the team's extensive experience in the water sector has enabled us
to secure a significant portfolio of work as companies in this space focus on
resolving a range of well-documented issues.

 

"With UK water companies pledging to invest £10bn for the next seven years to
2030, we are well positioned to meet increasing demand for our specialist
services, while also contributing to a cleaner, safer infrastructure network."

 

Change of Name of Joint Broker

 

The Company also announces that its Joint Broker has changed its name to
Cavendish Securities plc following completion of its own corporate merger.

 

For further information and enquiries, please contact:

 

 Hercules Site Services plc                                                             c/o SEC Newgate

 Brusk Korkmaz (CEO)

 Paul Wheatcroft (CFO)

 SP Angel Corporate Finance LLP                                                    +44 (0) 20 3470 0470

 (Nominated Adviser and Broker)

 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 (Corporate Finance)

 Dale Bellis (Sales)

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

 Elisabeth Cowell / Ian Silvera / Matthew Elliott                      Hercules@secnewgate.co.uk (mailto: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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