By David Wood | 9th June 2022

Cirencester-based Hercules Site Services has seen revenue increase year-on-year by 42 per cent to £19.9 million.

The labour supply company for the UK infrastructure sector floated on the London Stock Exchange's junior AIM in February, raising £4 million,

Gross profit increased by 62 per cent to £4 million. Labour supply revenue increased 27 per cent year-on-year, civil projects revenue was up 80 per cent and sales from the company's growing suction excavator services business leapt 124 per cent, reported Proactive.

Adjusted EBITDA was down from £1.3mln a year ago, which the company said was in line with expectations due to major investment in people, systems and assets from which it expects to reap benefits as the year goes on.

Gross profit margin increased to 20.3 per cent from 17.8 per cent due to an increase in suction excavator revenue at higher margins. The loss before tax was £383,000 after £414,000 of expenses from its AIM listing in February.

Given the progress made in the first half, the board expressed confidence that Hercules is "well positioned for the step-change in growth".

Chief executive officer Brusk Korkmaz said 2022 had so far been a year of "positive change" for Hercules.

As a trusted provider of services to the construction and infrastructure sectors, he said the company was well positioned to take advantage of the highly favourable market conditions in these industries.

Mr Korkmaz added that Hercules Site Services was already executing on the exciting opportunities available to the company and H1 2022 had seen them investing for growth, positioning Hercules to create value for all its stakeholders in the months and years ahead.

Proactive reported Mr Korkmaz as saying: "We expect to deliver continued growth in H2 2022 through the ramp up of operatives on HS2, the delivery and monetisation of seven more suction excavators, and maintaining the significant momentum built up by the civil projects team."

He added: "We intend to pay an interim dividend for the six months ended 31 March 2022 in August 2022 and I would like to thank our shareholders very much for their support during this exciting time in the Company's growth journey. We look forward to updating the market over the coming months."

Watch Punchline's BIg Interview with Brusk Korkmaz:

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