Shares in Hercules, the South West specialist labour supply business, are to be temporarily suspended from trading on the London Stock Exchange’s AIM market as it delays publication of its full-year financial results.
The firm, which has grown rapidly over recent years by supplying much-needed skilled workers to major infrastructure projects, said its audit this year had taken longer than expected.
This was due to “the consolidation of acquisitions and further work needed to review certain sub-contractor contracts”, it told shareholders in a stock market update.
As a result, in accordance with the AIM Rules, its ordinary shares will be temporarily suspended from trading on AIM with effect from 7.30 am on 1 April pending release of the accounts.
Hercules, which has its headquarters in South Cerney, near Cirencester, said the audit of the accounts was progressing and was now in its final stages.
It added: “The company is working closely with its auditors to complete the audit process as soon as possible and currently expects to publish its FY25 accounts in May.
“The board expects that the final results will be in line with the guidance provided in the company’s announcement of 10 February.
It said it would provide further updates regarding the publication of the accounts “as appropriate”.
Hercules operates across power & energy transmission and distribution, water, and highways sectors – all currently experiencing growing demand for skilled workers.
HS2 and the Sizewell C nuclear power plant are among projects it has supported in recent years.
It has made a number of strategic acquisitions as well as expanding into Scotland last December to meet what it called an “acute need for skilled labour across both site-based and office roles”.
It also operates an academy aiming to ease the skills shortage hampering major UK infrastructure and construction projects in Nuneaton.
Hercules’ shares fell by nearly 10% this morning following the announcement.