Last checked at 15 Apr 2024 07:00
15 April 2024
Hercules Site Services plc
("Hercules" or the "Company")
Costain Labour Framework Agreement
Hercules Site Services plc (AIM: HERC), a leading technology enabled labour supply company for the UK infrastructure and construction sectors, is pleased to announce that it has joined the UK-wide labour framework of Costain Ltd, part of Costain Group plc ("Costain"), after a successful tender process.
Costain has announced that a newly formed Integrated Labour Team ("ILT") will become the first point of contact for any blue-collar labour supply requirement for any project, across all sectors in which it operates. These sectors include water, rail, highways, defence, energy, nuclear, oil and gas and aviation.
The move comes after Costain, a long-standing client of Hercules, decided to significantly reduce its supply chain for skilled blue-collar infrastructure and construction workers. Hercules is one of four labour suppliers on the new ILT.
Brusk Korkmaz, Chief Executive Officer, said: "We are delighted to further cement our relationship with Costain. We have been working together on a project-by-project basis for over a decade.
"This agreement between our companies means Hercules has the potential to work across all of Costain's projects and sectors beyond highways and water, where we are currently partnered.
"The agreement is also further testament to Hercules' growing reputation across the infrastructure and construction sectors as one of the UK's leading labour suppliers."
Sarah Thomas, Head of Supply Chain at Costain Group PLC, said: "Our partnership with the ILT brings added value and benefits to Costain and is changing how temporary operational resource is considered.
"The ILT holds expert market information, useful for resource planning and winning bids. We can engage with ILT earlier to confirm a pipeline of resources. And we have real employment terms for temporary operational resources, ensuring fairness, wellbeing, and ongoing engagement."
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 (Nominated Adviser and Joint Broker) Matthew Johnson / Adam Cowl (Corporate Finance) Grant Barker / Rob Rees (Sales and Broking) | +44 (0) 20 3470 0470 |
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Cavendish Capital Markets Limited (Joint Broker) Adrian Hadden / Charlie Combe / Dale Bellis (Sales and Broking) | +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.
About Costain
Costain helps to improve people's lives by creating connected, sustainable infrastructure that enables people and the planet to thrive. We shape, create and deliver pioneering solutions that transform the performance of the infrastructure ecosystem across the UK's transport, energy, water, and defence markets. We are organised around our customers anticipating and solving their challenges and helping to improve performance. By bringing together our unique mix of construction, consulting and digital experts we engineer and deliver sustainable, efficient and practical solutions.