(Alliance News) - Hercules Site Services PLC on Monday declared a stable dividend and said financial results for its latest year exceeded market expectations.
"2023 was a truly transformative year for Hercules," commented Chief Executive Officer Brusk Korkmaz. "We saw significant growth across all areas of our business and we are delighted to have exceeded market expectations and achieved record revenue and Ebitda figures."
The Cirencester, England-based labour supplier for the UK infrastructure sector said pretax profit nearly quadrupled to GBP641,321 in the year that ended on September 30, from GBP160,685 the previous year.
Revenue surged 71% to GBP84.7 million from GBP49.5 million. Gross profit rose 67% to GBP16.3 million, and adjusted earnings before interest, tax, depreciation and amortisation rose 79% to GBP4.1 million. Earnings per share more than doubled to 1.27 pence from 0.58p each.
Hercules also proposed a final dividend of 1.12p per share, unchanged from the prior year.
Going forward, Hercules said it has a strong pipeline of projects heading into 2024, and that it is well-positioned to take advantage of secular trends in the construction and infrastructure sectors. Moreover, it has "experienced positive trading across all areas" during the first quarter of its current financial year.
"Management will continue to pursue a disciplined approach to [mergers & acquisitions] to help further accelerate the growth of the company," Hercules added.
CEO Korkmaz, meanwhile, said: "With our digital edge (total app downloads have now reached 12,000), our new training academy and our recent acquisition of Future Build, Hercules is increasingly well prepared for the future and continues to ingrain itself into the heart of the UK infrastructure and construction market."
Shares in Hercules were trading 3.1% higher at 25.00p each in London on Monday morning.
By Emma Curzon, Alliance News reporter
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Hercules Site (HERC)