Cotswold-based labour supply company Hercules Site Services has reported another year of growth across all areas of the business.

The company, headquartered at South Cerney, near Cirencester, held its annual general meeting yesterday (Monday).

During 2023, the company saw revenue increase by 71% year on year to £84.7m (2022: £49.5m) and adjusted EBITDA for the year was well above market expectations at £4.1m (2022: £2.3m), representing growth of 79%. Hercules have achieved over 50% YOY revenue growth for the past three years.

Hercules Site Services' non-executive chairman Henry Pitman told the AGM: "I am proud to be speaking to you today following another year where we have delivered growth across all areas of the Hercules business, exceeding market expectations for 2023.

"This is particularly pleasing given the challenging macro-economic conditions, which have created pain points for many businesses over the last couple of years. To have delivered over 70% revenue growth and nearly 80% growth in adjusted EBITDA is testament to the quality and hard work of the Hercules team, which has demonstrated its ability to execute effectively on the continuing opportunities in the infrastructure sector.

"The improvements in FY2023 in cash generation have been further boosted with the recent addition of a new improved ID facility, to aid further growth over the next few years.

"Post-period end saw us complete the acquisition of Future Build Recruitment Ltd which sees us expand our presence in the white-collar and permanent recruitment market in the construction sector. This, together with the organic growth we have achieved in the first few months of FY2024 is expected to drive additional revenues.

Mr PItman said that as well as winning new clients, including significant industry players, the company was also in the early stages of ramping up activity at the Hercules Construction Academy, which was launched in January.

"The success of these initiatives provides us with confidence in our outlook for the current financial year. Reiterating what we said in our full year results, the UK has been living with high inflation and interest rates for a good period of time now, but pleasingly the infrastructure sector is still forging ahead.

"Access to labour continues to be a core priority for the sector and we have built an excellent reputation as a tier 1 provider due to our technological edge and experienced management team."

The company expects to announce its interim results for the six months ended 31 March 2024 during the week commencing 3 June 2024