Hercules (AIM:HERC), a UK infrastructure construction and labour services group trading on AIM, used its annual general meeting on 23 June to acknowledge delays to the commencement of certain projects while maintaining that its broader growth trajectory remains intact.
Non-Executive Chairman Henry Pitman told shareholders that both the Labour Supply and Civil Projects divisions are positioned to benefit from what he described as a "significant, long-term wave of infrastructure investment" across the UK, though he conceded that some project start dates have slipped.
Pitman pointed to the past year as one of internal consolidation, with the company investing in IT infrastructure, systems and controls to absorb a series of acquisitions completed since its AIM listing roughly four and a half years ago, adding that the recently acquired businesses are performing in line with expectations.
"We are confident that we have a stronger framework from which to drive future growth and operational efficiency," Pitman said, characterising the upgrade work as largely complete.
The company offered no financial metrics or guidance figures in the statement, leaving investors without a quantified update on revenue, order book or margin trajectory ahead of its next scheduled results.
