Last checked at 20 Sep 2023 07:00
20 September 2023
Hercules Site Services plc
("Hercules" or "the Company")
Civils Projects Division Update
Hercules Site Services plc (AIM: HERC), a leading technology enabled labour supply company for the UK infrastructure sector, is pleased to announce that its Civils Projects division has been awarded contracts with a combined value of over £3.1 million since 1 May 2023 to deliver critical work for two major clients relating to nine wastewater treatment and water management projects.
The Civils Projects division has particular expertise in executing projects in this sector and experienced a busy summer as UK water companies face mounting pressure to increase the country's water resilience.
As announced in the Company's interim results, revenue for the division in H1 increased by 30% to £6.7m during the six months to 31 March 2023 (H1 2022: £5.1m). The Company's Civils Projects team provides substantial opportunity for Hercules to cross-sell its labour supply and suction excavator services to blue chip clients.
The contracts are divided as follows:
· £2.28 million awarded from Thames Water across six sites, the largest contract being at Ufton Nervet WTW in West Berkshire.
· £895,000 awarded from Anglian Water across three sites, the largest contract being at Towcester in Northamptonshire.
Paul Field, Construction Director, commented: "H2 2023 kicked off to a busy start and the team's extensive experience in the water sector has enabled us to secure a significant portfolio of work as companies in this space focus on resolving a range of well-documented issues.
"With UK water companies pledging to invest £10bn for the next seven years to 2030, we are well positioned to meet increasing demand for our specialist services, while also contributing to a cleaner, safer infrastructure network."
Change of Name of Joint Broker
The Company also announces that its Joint Broker has changed its name to Cavendish Securities plc following completion of its own corporate merger.
For further information and enquiries, please contact:
Hercules Site Services plc Brusk Korkmaz (CEO) Paul Wheatcroft (CFO) | c/o SEC Newgate |
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SP Angel Corporate Finance LLP (Nominated Adviser and Broker) Matthew Johnson / Adam Cowl / Harry Davies-Ball (Corporate Finance) Grant Barker / Rob Rees (Sales and Broking) | +44 (0) 20 3470 0470 |
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Cavendish Securities Plc (Joint Broker) Adrian Hadden / Charlie Combe (Corporate Finance) Dale Bellis (Sales) | +44 (0) 20 7397 8900
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SEC Newgate (Financial Communications) Elisabeth Cowell / Ian Silvera / Matthew Elliott | +44 (0) 20 3757 6882 Hercules@secnewgate.co.uk
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About Hercules Site Services plc
Hercules is a leading tech enabled labour supply company for the UK infrastructure sector. Founded in 2008, Hercules has an established track record of profitability and fast-growth and has built a blue-chip customer base which includes Balfour Beatty, Costain, Kier, Skanska, Dyer & Butler and Volker Fitzpatrick. The Company has been appointed to provide labour for a range of high-profile infrastructure projects, such as HS2, due to its agile, innovative, digital first approach and complete service offering. It is well-placed to benefit from any government increase in infrastructure spending and its experienced management team has identified multiple opportunities for growth.