Hercules Site Services PLC (AIM:HERC) CEO Brusk Korkmaz and CFO Paul Wheatcroft speak to Thomas Warner from Proactive after the UK infrastructure company released an update on its performance during 2023. Korkmaz highlights the increase in operators from 750 in 2022 to over 1,000 in 2023, marking significant growth in their core labour supply business.
Key contracts with major clients like Balfour Beatty, Thames Water, and Anglian Water, and the completion of six projects within the year, underscored their operational success.
A major milestone was the acquisition of Future Build Recruitment, expanding Hercules' reach into white-collar construction markets.
Wheatcroft focuses on the financial elements of the year, which included a 71% revenue increase to £84.7 million and a gross profit rise of 67% to £16.3 million. Adjusted EBITDA soared by 79% to a record £4.1 million, with pre-tax profits significantly up from the previous year.
Looking ahead, Korkmaz expresses confidence in the company's growth strategy and a strong project pipeline for 2024, highlighting the establishment of the Hercules Construction Academy as a strategic step to future-proof the business and strengthen industry relationships.
