Revenues soar by 30 per cent at Gloucestershire recruitment firm

Specialist recruitment firm Hercules has announced record revenues for the start of the year.

The Gloucestershire company supplies staff to large infrastructure and construction projects across the UK.

Hercules said revenue increased by 32% to £48.8m in the first six months of the year.

As a result gross profit increased by 21% to £8.1m from £6.7m.

The company said it has seen significant organic growth in all areas of the business, combined with the first contribution from Future Build Recruitment following its acquisition.

Labour supply to HS2 Phase 1 (Northern Section) increased to 450 operatives at 31 March 2024 (H1 2023: 400).
chief executive Brusk Korkmaz said: “The start of the year has been very positive indeed, with revenue growing by 32% and a 21% increase in gross profit over H1 2023 levels.

“In addition, we grew EBITDA to £2.1m in H1 2024, up from £1.1m in H1 2023, and completed our first acquisition in line with our growth strategy.

“This continued success has been achieved by a great management team which has a desire to over-achieve.

“Our supply of skilled operatives to both the HS2 Northern Section and other infrastructure sites has increased during the period. In addition, we have added further new labour supply frameworks, including Costain and Hill Group, which will stand us in good stead in the years to come.

“The civil projects division has won a significant number of tenders, new clients include Trant Engineering and Curio Group, and is well on the way to achieving its targets in 2024.

“We are on track to meet market expectations for the full year, as the strong momentum in the construction and infrastructure sectors continues.”