Top 100: Astonishing growth of newly AIM-listed Cotswold firm continues
After growing at 55 per cent a year for three years, the predicted slowdown for a newly-listed AIM business from the Cotswolds shows no signs of arriving just yet.
* The Reports & Deals section of Raikes is also home to its star attraction, the perpetual Top 100-plus Businesses in Gloucestershire list, which tracks the financial fortunes of the county’s biggest firms by turnover. We would like to thank the generous support of our Founding Partners: QuoLux, Willans LLP, Gloucestershire College, Merrell People and Randall & Payne; our sponsors Hartpury University and Hartpury College; our Founding Members and all our wonderful paying subscribers. A massive ‘thank you’ to all our other subscribers too. Your support is invaluable! If you are not already, please consider upgrading to paid (just £2.30 a week!). You’ll be able to read all of this post - and you’ll be helping to make this community interest company sustainable. Contact andrew.merrell@raikesjournal.co.uk.
Earlier this year Hercules Site Management was predicting a slow-down in the three-years of growth it had already enjoyed at 55 per cent annually.
The Cirencester-based plc supplies labour to the civil engineering sector, for the likes of highways projects and to the rail industry and specialised operators for the water sector, suction excavators and health and well-being support.
As it summed up its first full year of trading as an AIM-listed company Hercules said it did not predict such high levels of organic growth to continue, although it did say its pipelines for 2024 was “robust”.
Now it has released its interim results for the six months ended 31 March 2024, which show that growth remains impressive, with revenues rising from £37 million to £48.8 million for the period.
Pre-tax profits were £200,000, compared with a loss of £200,000 the previous year.
Brusk Korkmaz, chief executive, said: “The start of the year has been very positive indeed, with revenue growing by 32 per cent and a 21 per cent 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.
“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.”
Its annual results, published in February and for the period ending 30 September 2023, also showed a firm with plenty to celebrate.
Keep reading with a 7-day free trial
Subscribe to The Raikes Journal to keep reading this post and get 7 days of free access to the full post archives.