Hercules Site Services PLC, a labour supply company for the UK infrastructure sector with clients such as Balfour Beatty and Kier, says it is looking to list on the AIM market of the London Stock Exchange.
The company hopes to raise £5.5mln to “rapidly deliver on the significant demand it is experiencing,” which includes a scaling up of its operations to supply labour in the northern section of the HS2 rail project.
Hercules provides labour services to high-profile infrastructure projects, as well as assist in delivering civil service projects and digital solutions for construction recruitment.
The board will seek to maximise shareholder value by adopting an “aggressive dividend policy” upon admission, it said in a statement.
It intends to raise capital by carrying out a placing for institutional investors, while also giving UK retail investors an opportunity to get involved via the PrimaryBid mobile app.
“Having identified multiple exciting growth opportunities and proven the fast-growth and profitable nature of our business model, we believe that this is the right time to pursue an AIM listing,” chief executive Brusk Korkmaz said.
The company reported a strong rebound in revenue following the impact of Covid-19, growing to £14mln in the first half of its 2021 results.