Recruitment firm reveals record revenues of £84.7m

A recruitment firm which specialises in supplying staff for major infrastructure schemes has enjoyed a record year.

Gloucestershire company Hercules Site Services announced its full year results on the Stock Market

The company said revenues increased 71 per cent to a record £84.7m  and gross profit increased 67 per cent to £16.3m.

Adjusted EBITDA increased 79 per cent to a record £4.1m while ore-tax profit was £641,321 up from £160,685.

New client wins include Balfour Beatty Rail, Galliford Try PSL and Octavius,

There were also new contract wins with Thames and Anglian Water, numerous contracts completed within the year.

The Company also completed its first acquisition, Future Build Recruitment Limited, expanding Hercules’ presence in the white-collar construction market.

The board and the company’s wider senior management team remain committed to Hercules’ growth strategy and the business has a strong pipeline of projects heading into 2024.

Hercules says it is well positioned to take advantage of secular trends in both the infrastructure and construction sectors.

Management added it will continue to pursue a disciplined approach to M&A to help further accelerate the growth of the Company.

Brusk Korkmaz, Hercules’ chief executive and founder, said: “2023 was a truly transformative year for Hercules. 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.

“As the infrastructure and construction sectors continued to face labour supply and skills shortages, we were able to deliver for our clients, including a range of blue-chip companies including Galliford Try, Balfour Beatty, Costain and Vinci. During the year, we also agreed a five-year contract with Balfour Beatty alongside numerous new contracts with both Thames and Anglian Water. The addition of these new contracts has further accelerated growth within both our Labour Supply and Construction Services divisions.

“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.”