Hercules Site Services PLC on Monday said its annual revenue was up, but profit fell due to non-recurring items such as initial public offering costs.

The Cirencester, England-based labour supply company for the UK infrastructure sector said revenue for the year ended September 30 was £49.5 million, increasing 51% from £32.7 million the year prior.

Hercules reported pretax profit of £160,685, down 69% from £515,517 the year prior.

The company said adjusted earnings before interest, taxes, depreciation and amortisation was £2.3 million, slightly down from £2.5 million a year ago. The adjusted Ebitda measure does not include one-off effects, such as the cost of its February 2022 IPO.

Hercules raised £4 million on its AIM IPO in February, at 53.50 pence per share. Hercules shares were up 8.7% trading at 56.00p per share at midday on Monday in London. The stock is up 4.7% from its float price.

‘Significant investments’ have been made in its future growth, Hercules said.

Hercules declared a final dividend of 1.12 pence per share, bringing the total dividend for financial 2022 to 1.72p per share.

Chief Executive Officer Brusk Korkmaz said: ‘As well as driving our core business, we will advance some exciting new avenues, such as our Hercules Construction Academy. Targeted acquisitions are also on the agenda, as are other opportunities, to complement the organic growth we are achieving.’

The company said it is expecting turnover growth of around 50% in financial 2023.

Copyright 2023 Alliance News Ltd. All Rights Reserved.