Hercules Site Services carrying "strong momentum" into H2 with water contract wins
September 25, 2023 at 03:26 pm IST
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Hercules Site Services PLC (AIM:HERC) CEO Brusk Korkmaz and CFO Paul Wheatcroft speak to Thomas Warner from Proactive about some recent contract wins in the UK's infrastructure sector. They explain that since June, Hercules has secured contracts worth over £3.1 million with major clients Thames Water and Anglian Water, focusing on nine wastewater and clean water management projects.
This comes as UK water companies commit £10 billion towards wastewater infrastructure by 2030. Financially, while specific details remain under wraps until year-end, Paul Wheatcroft hints at a positive trajectory for the company, referencing the 85% revenue growth and 71% gross profit increase in their interim results up to March 2023.
Brusk Korkmaz expressed confidence in maintaining their growth momentum, emphasising a robust client pipeline as they approach the year's end. The UK's water sectors has been prominent in the media this summer owing to the emergence of serious failings, which require urgent solutions of a type that Hercules is well-placed to provide.
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Hercules Site Services PLC is a United Kingdom-based general construction and civil engineering company. The Company operates through four segments: Labor Supply, Civil Projects, Suction excavator Services, and Other. The Labor Supply segment represents the provision of labor to customers. The Civil Projects segment represents work performed under contracts with customers to undertake construction and/or civil engineering works. The Suction excavator Services segment consists of provision of suction excavatorâs services represents the supply of equipment to customers for an agreed period of time. The Other segment consists of sale of software products is recognized at a point in time, being when the software is delivered to the end customer. Its services include labor supply, civil engineering projects, rail labor supply, suction excavator hire, site security, and health screening. It serves various sectors, such as general civil, highways, utilities, power and energy, and rail.