Hercules Site Services PLC (AIM:HERC) has said its pipeline for 2023 looks “robust” after a 50% increase in revenue last year and it expects another year of growth.
In a statement to be delivered at the labour supply company’s annual general meeting (AGM) on Monday, Henry Pitman, Hercules' non-executive chairman, will tell investors that another year of similar growth lies ahead for the business as it seeks to grow organically and via “selective acquisitions,” which Pitman said the group is progressing.
Additionally, Pitman said all three of the company's business units have a robust pipeline and the current financial year has begun positively, in the AGM statement.
“As well as increased momentum on the HS2 rail project from London to Birmingham, we expect further growth to come from new contracts for our Labour Supply, Suction Excavator and Civil Projects divisions, driven by the buoyant conditions in the infrastructure market at present,” the chairman noted.
Pitman said the company's board remains confident looking ahead and added that it is experiencing “unprecedented demand” for its services despite the challenging economic outlook.
Hercules declared a final dividend for the year ended September 2022 of 1.12p per share, resulting in a total dividend of 1.72p.
Interim results for the six months ended 31 March will be released at the start of June.