Hercules Site Services has reported an 85% rise in revenue to £37m in its interim results for the six months to 31 March 2023.
In the same period last year, the labor supply company’s revenue was £19.9m.
The unaudited interim results also show its pre-tax loss fell to £246,000 from a loss of £383,000 in the same period in 2022.
Meanwhile, gross profit rose 71 per cent to £6.9m (H1 2022: £4.0m) and the company declared an interim dividend of 0.6p (H1 2022: 0.6p).
Hercules said additional investments in people and processes in the first half of 2023 have prepared the business for expected growth in the second half of the year, particularly in labor supply and backhoe services. aspiration
Hercules non-executive chairman Henry Pitman said: “We provide labor to some of the country’s leading construction and infrastructure projects and this core business unit has seen continued growth in the first half of 2023, a 110 % more than the first half of 2022″.
In particular, the supply of labor on HS2 Phase 1 (northern section) increased to 400 operators from 180 on 31 March 2022.
In addition, the company is now supplying labor to Taylor Woodrow on the Exxon-Mobil oil refinery expansion at Fawley, near Southampton, and other new clients for the civil projects division include Amey, SGN, Sisk , Galliford Try Highways and CHC Highways (a Costain-CH2M Joint Venture initially for a project on the A1(M)).
Pitman added: “Looking into the second half of 2023 and beyond, we are very pleased with the significant pipeline of projects that this segment of our business enjoys.”
Hercules CEO Brusk Korkmaz said the company was “delighted to have made a positive start to the year”.
He added: “This success has been achieved through the continued supply of labor services on the HS2 northern section, the addition of new customers across all areas of our business and the delivery of more excavators aspiration during the period.
“We are also very happy to see that our Skills, Employment and Education Tot portal has become a revenue generator, demonstrating once again that we are at the forefront of innovation in the job offer and services in the construction sector. The addition of new clients, such as Amey and SGN, has also further accelerated the growth of our civil projects division.
“With this strong momentum in the construction and infrastructure sectors, and a strong pipeline of new customers, we are ideally placed to maintain the levels of growth we have achieved in recent years and are well on track to meet expectations of the market for the whole year”.
