Recruitment firm planning to speed up growth after raising £1.7m on stock market
Gloucestershire based recruitment firm Hercules Site Services has raised £1.7m through a stock market placing.
The AIM listed business specialises in providing labour to the UK’s infrastructure sector.
Hercules Site Services plc (AIM: HERC), a leading technology enabled labour supply company for the UK infrastructure sector, announces that it has raised £1.7m.
The company said the proceeds of the placing will be used to provide working capital to support growth in the company’s labour supply division.
Hercules is continuing to deliver key infrastructure, civil engineering, utilities, groundworks, highway and railway projects across the UK.
The placing received support from new and existing investors, including two of the company’s largest shareholders.
Founder and chief executive Brusk Korkmaz said: “After achieving record revenues and positive year-on-year growth in 2022, Hercules continues to build momentum and deliver on its strategy.
“Turnover growth has been in the region of 50 per cent per annum for two years now, and we believe a third year of similar growth lies ahead. This is because we are well positioned to benefit from the buoyant conditions in the infrastructure sector and trading at the start of 2023 has commenced positively.
“We recently introduced two new income streams in the Labour Supply business, being the supply of security personnel, and white-collar placements, and both have received their first contracts and are progressing well.
“With a strong 2023 pipeline in place, these funds will support further organic growth in our Labour Supply division, which represented over 67 per cent of our revenue in 2022.”
Hercules is currently working with the Balfour Beatty Vinci joint venture helping to deliver HS2 Phase 1 (Northern section), which is one of the largest infrastructure project in Europe.
Other customers include Costain, Kier, Skanska, Dyer & Butler and Volker Fitzpatrick.
