Hercules Site Services PLC (AIM:HERC), a labour supply company, said in a trading update it expects full-year revenue to increase by 38% from 2021 to £45mln, amid high demand in the infrastructure sector.
It forecast that its results for financial year 2022 will be in line with market expectations.
Being heavily involved in the first phase of the HS2 project, the company’s labour supply division has seen significant year-on-year growth, with 260 of its operatives currently working on sites for the new railway line.
In the year to 30 September 22, Hercules also agreed a location for its new training academy, which will be designed to upskill operatives, as well as signing acquisition deals for multiple new suction excavators, putting the company on course to have one of the largest fleets in the UK by March 2023.
Significant demand after the Covid-19 pandemic saw Hercules pick up seven new clients during FY22, whilst much work continues on multiple projects delayed by the pandemic.
Chief executive officer Brusk Korkmaz said: “FY22 has been a fantastic year of growth and positive change for Hercules, including our successful AIM listing in February. As a trusted provider of services to the construction and infrastructure sectors, we are well positioned to take advantage of the favourable market conditions in these industries. We continue to invest for sustainable growth in each of our business lines, and we are focused on positioning Hercules to create value for all our stakeholders in the years ahead.”
“As well as these near-term growth initiatives, our medium-term objectives continue to gain momentum. Our monetisation strategy for our digital tools is progressing well, and we look forward to updating the market on this, as well on the progress of our training academy in the near-term.”