The AIM-listed labour agency reported revenue of nearly £50m last year driven by work ramping up on its key contract, the northern sections of HS2 Phase 1, where Hercules is engaged by the Balfour Beatty Vinci joint venture.

Brusk Korkmaz, chief executive officer of Hercules, said: “Turnover growth has been in the region of 50% per annum for two years now, and we believe a third year of similar growth lies ahead.

“This is because we are well positioned to benefit from the buoyant conditions in the infrastructure sector and trading at the start of 2023 has commenced positively.”

He added that Hercules had recently introduced two new income streams in the Labour Supply business, through supply of security personnel, and white-collar placements.

“Both have received their first contracts and are progressing well,” said Korkmaz.

“With a strong 2023 pipeline in place, these funds will support further organic growth in our Labour Supply division, which represented over 67% of our revenue in 2022.”

Premier Miton Group, a substantial shareholder has subscribed for 355,555 shares in the 3,777,778 placing at 45p a share, expected to complete at the end of this week.