reports
- James Tetley
Trading well ahead of expectations
A strong year end update from Hercules this morning confirms another period of impressive organic revenue growth, well ahead of expectations. This prompts 11% upgrades to our revenue and adjusted EBITDA forecasts, sustaining recent momentum into the new financial year. Hercules is led by an entrepreneurial and ambitious management team with additional firepower - following last month’s £8m fundraise - to take advantage of opportunities as they arise. Hercules expects to report another record...
Hybridan Small Cap Feast - 9 October 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Ascential (ASCL.L) delisted from AIM. What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutriti...
- James Tetley
Fundraising to support growth ambitions
Hercules has announced a placing and subscription to raise gross proceeds of £8m, strengthening the balance sheet and supporting future growth ambitions. The funds have been raised from two successful entrepreneurs and existing institutional investors. The fundraising has been supported by two successful entrepreneurs, Martin Tedham, majority shareholder of Wasdell Packaging Limited (a £75m revenue business) and Ged Mason OBE, who has decades of experience in the recruitment sector as CEO of M...
- James Tetley
Q3 update highlights continuing momentum
Hercules’ Q3 update follows upbeat interim results in June and gives us further confidence in our forecasts for the current year (we make no changes to estimates). Further contract successes have been achieved across the Group and Hercules looks to be well positioned to benefit from the new government’s infrastructure and housebuilding commitments over the coming years. Labour supply, the Group’s largest division, delivered strong growth in H1 (revenue +25%), and has reported continued success ...
- James Tetley
Excellent H1 performance, well on track for full year
Hercules’ H1 results confirm another excellent performance culminating in record revenues, EBITDA and PBT. The Group is on track to meet market expectations for the full year. All three businesses reported double-digit growth for H1, benefiting from underlying market demand, Hercules’ investment in new service lines and technology, as well as a maiden contribution from the Future Build acquisition. Contract momentum continues, with over £5m in civil projects and new framework agreements signed ...
- James Tetley
Further good growth in H1, in line with expectations
Hercules’ H1 trading update confirms another period of strong growth, in line with expectations. Revenue in H1’24 is expected to be over £47m, an increase of c.27% over H1’23. This represents c.50% of our FY’24 forecast (£94.7m), suggesting the Group is well on track at the half year stage. All income streams grew, underpinned by substantial demand from the infrastructure sector, as well as the Group’s own growth initiatives. Contract momentum remains positive, and we note an encouraging trend ...
- James Tetley
AGM reflects on a year of substantial progress
Today’s update reiterates management’s confidence in the outlook for the current financial year, whilst reflecting on the substantial progress of the past 12 months. Having delivered c.70% revenue growth and c.80% EBITDA growth in FY’23, Hercules has made further strategic progress in the early months of FY’24 through the acquisition of Future Build Recruitment and the launch of its Construction Academy. It reflects on the successes of FY’23, the Group’s first full year as a listed company. T...
- James Tetley
Hercules Construction Academy Launch
Hercules officially launched its Construction Academy on 31st January at an event attended by c.150 industry partners, education professionals, local politicians and Hercules employees. This is the culmination of an ambitious plan to address the significant skills shortage in the construction industry and support major infrastructure projects across the Midlands. The Academy aims to train up to 400 entrants in its first year, making a valuable contribution to local skills and career prospects an...
- James Tetley
Strong conclusion to FY23, positive start to FY24
Hercules has reported strong full year results, with profits well ahead of our expectations. Against a supportive backdrop for infrastructure investment, we believe momentum is building and a positive outlook statement anticipates another year of growth in FY24. We reflect this in our revenue forecasts, whilst noting that an increasing interest charge will reduce profits in the short term. All three divisions contributed to the strong growth in FY23, but Labour Supply remains, by some distance,...
Hybridan Small Cap Feast - 15 Jan 24
15th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- James Tetley
Building for the Future
Hercules has acquired 60% of Future Build Recruitment, a specialist white-collar recruitment company operating in the UK construction sector. This is the Group’s first acquisition and looks highly complementary to the Group’s core blue-chip construction recruitment offering, as well as confirming their growth ambitions. Total consideration is £1.25m (£1m cash, £0.25m shares). The acquisition metrics look very sensible (effectively 5x P/E) and the deal is strongly earnings enhancing (EPS +11.5%...
Hybridan Small Cap Feast - 01 Nov 23
1st November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- James Tetley
Positive year-end update, ahead of expectations
A positive year-end update from Hercules confirms a strong conclusion to FY23, ahead of expectations. It has been another year of excellent organic revenue growth (+60% at Group level), with progress in all three divisions. This continues an impressive track record (average revenue growth over past three years >50%) and Hercules enters FY24 with momentum. Hercules expects both its revenue and adjusted EBITDA for FY23 to be ahead of market expectations. Revenue is expected to be > £80m, represe...
- James Tetley
Recent newsflow points to strength in diversity
Hercules has recently released two positive contract announcements, highlighting continuing momentum at the beginning of the current financial year. It is encouraging to see new business wins for both of Hercules divisions (Labour Supply and Civils Projects) and across two different infrastructure sectors (Water and Rail). The Group also remains busy on HS2 Phase One (London to Birmingham) despite the recently announced cancellation of Phase 2. It has been awarded a five-year contract to provi...
- James Tetley
Driving growth through innovation
Hercules Site Services is an innovative, entrepreneurial and high-growth business with a focus on the UK Infrastructure market. Its shares were listed on the AIM in February 2022. The core business is labour supply, where Hercules has built a reputation as a trusted partner to an impressive blue-chip client list. Hercules has also expanded its offering in recent years into complementary construction services, namely civil projects and specialist equipment hire. Growth to date has been highly i...
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