Hercules Site Services eyeing more acquisitions after taking 60% stake in recruitment business
London, UK
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December 11, 2023 07:02 AM Eastern Standard Time
Hercules Site Services PLC (AIM:HERC) CEO Brusk Korkmaz and CFO Paul Wheatcroft speak to Thomas Warner from Proactive after the UK infrastructure company announced it has acquired 60% of a specialist UK white-collar recruitment company operating in the UK construction sector for £1.25 million in cash and shares.
The stake in Future Build Recruitment, which is based in Brighton and has an office in Croydon, adds both exposure to a segment of the construction sector that represents a reported 2.1 million workers and also presence in the southeast of England. Korkmaz and Wheatcroft also discuss the company's most recent trading update, with CFO Wheatcroft saying that turnover and EBITDA has exceeded expectations for the year to 30 September 2023. Looking to the future, the pair suggest that further growth forms a major part of their strategy with further acquisitions appearing likely. Wheatcroft says that Hercules "will look different in a very positive way by the time we get to the end of our financial year 2024."
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