9th Oct 2024 10:59
(Alliance News) - Hercules Site Services PLC on Wednesday said it expects another record year, driven by continued growth in the infrastructure and construction sectors.
Hercules is a Cirencester, England-based labour supplier for the UK infrastructure and construction sectors.
Hercules said it expects pretax profit for the year ended September 30 to be "well ahead" of the market expectation of GBP600,000.
Annual revenue is expected to increase by circa 24% to over GBP105 million, well above the market expectation of GBP95.1 million.
The firm added that earnings before interest, tax, depreciation and amortisation for the period are expected to beat the market expectation of GBP4.5 million.
Hercules reported that all of its core divisions have delivered increased organic annual revenue.
Additionally, the firm noted that it secured GBP8 million of new investment via a placing and subscription during the period. It said the funds would allow it to grow both organically and through "selective acquisitions".
Chief Executive Officer Brusk Korkmaz commented: "We are thrilled to have delivered growth well ahead of the market's expectations for the year, once again reaching new record highs and adding to our proven track record of achieving significant year on year growth. This is testament to the team's ability to successfully seize exciting organic growth opportunities... and to execute on the opportunities presented through our recent M&A."
He continued: "We have a lot to look forward to in the 2025 financial year. With a successful £8 million fundraise under our belt, we have the funds available to potentially acquire selected labour supply companies in the infrastructure sector, which is well-supported by the new government."
Hercules shares were up 10% at 47.98 pence each in London on Wednesday morning.
By Lydia Doye, Alliance News news reporter
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