Hercules Site Services, a Cirencester-based company supplying labour to major projects like HS2 and the Sizewell C nuclear plant, has reported record revenues for the first half of the financial year. The company’s unaudited interim results for the six months ending March 31, 2024, reveal a revenue increase of 32%, reaching nearly £50m compared to the same period last year.
Alongside the revenue boost, Hercules also saw a 21% rise in gross profit to £8m, and an impressive 91% increase in adjusted EBITDA, a measure of profit, to £21.1m. The company supplied 450 operatives for the Northern section of HS2 and 550 to other sites over this period. Additionally, it secured contracts with British construction firm Costain and housebuilder Hill Group.
A significant factor in the company’s performance was the acquisition of construction recruitment firm Future Build in November, which has offices in London and Brighton. This acquisition has bolstered Hercules’ capabilities and market reach. Brusk Korkmaz, the chief executive, expressed optimism about the year’s start, attributing the success to a strong management team with a drive to exceed expectations.
Hercules’ civil projects division has also shown remarkable growth, winning £14m in contracts for the financial year 2024, up from £10m at the end of March 2023. The division has secured numerous tenders, adding new clients like Trant Engineering and Curio Group, and is on track to meet its targets for 2024. Korkmaz highlighted the strong momentum in the construction and infrastructure sectors, reinforcing the company’s positive outlook for the full year.
In addition to these achievements, Hercules launched its Construction Academy on January 31. The academy has generated significant interest and initial revenues from colleges, customers, and the broader industry. As part of their interim results, the company also announced an interim dividend of 0.6p.
Hercules Site Services plc (LON:HERC) is a collaborative, innovative company delivering services of the highest standards within the Civil Engineering sector of the construction industry. Hercules Construction Academy provides a comprehensive range of courses designed to equip individuals with the essential skills and knowledge required for a long and successful career in the construction industry.
