Hercules Site Services has posted record revenues in its latest results after seeing significant growth across all areas of the business.
Revenues for the Cirencester-headquartered labour supply company, for the year ended 30 September 2023, increased 71 per cent, to a record £84.7 million (FY2022: £49.5 million).
Gross profit for the company also increased, by 67 per cent, to £16.3 million, compared to £9.8 million in the prior period.
Hercules reported adjusted EBITDA of £4.1 million (FY2022: £2.3 million) and a pre-tax profit of £641,321 compared to £160,685 the year before.
Earnings per share (EPS) for the company increased by 119 per cent, to 1.27p (FY2022: 0.58p). Directors proposed a final dividend of 1.12p per share, in line with 2022.
Hercules’ cash position at year end was £4.2 million, compared to £1.2 million in the previous financial period.
Post year end, the company also completed its first acquisition, Future Build Recruitment Limited, expanding its exposure to the white-collar construction market.
And construction of Hercules’ training academy is now complete and ready to launch, it said.
“2023 was a truly transformative year for Hercules,” said Brusk Korkmaz, Hercules’ chief executive officer. “We saw significant growth across all areas of our business, and we are delighted to have exceeded market expectations and achieved record revenue and EBITDA figures.
“As the infrastructure and construction sectors continued to face labour supply and skills shortages, we were able to deliver for our clients, including a range of blue-chip companies including Galliford Try, Balfour Beatty, Costain and Vinci.
“During the year, we also agreed a five-year contract with Balfour Beatty alongside numerous new contracts with both Thames and Anglian Water. The addition of these new contracts has further accelerated growth within both our Labour Supply and Construction Services divisions.
“With our digital edge (total app downloads have now reached 12,000), our new training academy and our recent acquisition of Future Build, Hercules is increasingly well prepared for the future and continues to ingrain itself into the heart of the UK infrastructure and construction market.”
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