Hercules Site Services expects to report 'another record year'

9th Oct 2024 11:34

(Sharecast News) - Civil engineering and construction firm Hercules Site Services said on Wednesday that it expects to report "another record year", with revenue, underlying earnings and pre-tax profits all "well ahead" of market expectations.

Hercules said revenues were expected to be in excess of £105.0m, representing a roughly 24% year-on-year jump, as each of its core divisions delivered increased organic revenues, underpinned by its ability to capitalise on continued growth in the infrastructure and construction sectors.

The AIM-listed group also highlighted that it had secured £8.0m of new investment via a placing and subscription, strengthening its balance sheet to position it to take advantage of the many opportunities in the UK infrastructure and construction sectors in order to grow both organically and via selective acquisitions.

Chief executive Brusk Korkmaz said: "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, such as our entry into new labour supply markets and the highly acclaimed launch of the Hercules Construction Academy, and to execute on the opportunities presented through our recent M&A."

As of 1130 BST, Hercules shares had surged 9.77% to 47.75p.

Reporting by Iain Gilbert at Sharecast.com