The AIM-listed labour supply specialist saw revenue increase to £37m but the bottom line saw a pre-tax loss of £246,000.

The firm’s main revenue driver is HS2 where labour supply to the Phase 1 (northern section) increased to 400 operatives from 180 at 31 March 2022.

Hercules is confident about future prospects despite government plans to slow down work on HS2.

It said: “We are providing additional labour every week in response to increasing demand, leveraging our digital platform as a source of labour supply.”

The firm added: “The infrastructure and construction sectors are experiencing continued buoyancy providing a supportive backdrop for our growth, and recent research demonstrates that this is continuing post period end.

“Given the labour shortages experienced by the sector, and the effectiveness of our digital tools in placing operatives to jobs, we are well placed to benefit from this growth in the months and years ahead. Demand for our range of complementary services has been strong and our pipeline is very robust.

“We have also been successful in winning significant new clients in the period including SISK (we are now on their Preferred Supplier List), Galliford Try Highways (now an approved supplier with all of Galliford Try, not just environmental) and CHC Highways (a Costain joint venture initially for a project on the A1(M)).

“Looking ahead to H2 2023 and beyond, we are very pleased with the significant pipeline of projects this segment of our business enjoys.”