Hercules plc FY25 trading update: revenue tops £118m as record year flagged
Hercules plc has guided to another record year, with revenue for the 12 months to 30 September 2025 expected to be more than £118 million. That’s roughly 16% higher than the prior year (£101.9 million), powered by a step-up in UK infrastructure investment.
The Company says adjusted EBITDA and adjusted profit before tax (PBT) for FY25 are in line with market expectations. The RNS includes the current market numbers for context, shown below, but Hercules has not disclosed its actual FY25 EBITDA or PBT at this stage.
| Metric | FY25 position/guidance | Reference/Comparator |
|---|---|---|
| Revenue | More than £118m | FY24: £101.9m |
| Revenue growth | c. 16% | Year-on-year |
| Market expectation (revenue) | £112.1m | Disclosed in RNS |
| Market expectation (adjusted EBITDA) | £6.1m | Disclosed in RNS |
| Market expectation (adjusted PBT) | £3.3m | Disclosed in RNS |
| FY25 adjusted EBITDA | In line with expectations (not disclosed) | – |
| FY25 adjusted PBT | In line with expectations (not disclosed) | – |
| Results date | Mid-January 2026 | – |
Why this update matters for Hercules shareholders
Revenue is guided to be comfortably above the market’s £112.1 million figure included in the RNS. That suggests strong top-line momentum as major UK infrastructure programmes ramp up. The Company also flags that adjusted EBITDA and adjusted PBT are in line with expectations, though the precise numbers are not disclosed today.
The bigger picture is arguably more important. Hercules is positioning itself across several long-duration, government-backed investment cycles – nuclear, power grid upgrades, water (AMP8), and rail (CP7). These are multi-year, high-visibility markets that tend to underpin demand for skilled labour and civils capability.
Sector tailwinds: where the growth is coming from
Nuclear: Sizewell C moves from early works towards main construction
Government backing for nuclear is firming up, with Sizewell C a flagship scheme. Hercules is already on the early works phase and has opened a regional office in Saxmundham to support delivery. The Board expects to keep supporting the project through its main construction phase, which is expected to span up to 20 years at an estimated total cost of £30 billion.
My take: long-dated projects like this provide visibility and repeat work if performance is solid. Execution and staffing depth will be key as scope and scale increase.
Power and energy: National Grid’s £58 billion proposals and Advantage NRG
The UK is preparing a major power transmission and distribution upgrade. National Grid proposals point to £58 billion of investment to modernise networks. Hercules entered this market in June 2025 with its largest deal to date – acquiring Advantage NRG, a specialist supplier of overhead linesmen and, per the RNS, the biggest supplier of overhead linesmen in the UK.
Why it matters: overhead linesmen are a scarce skill set. Owning Advantage NRG gives Hercules direct exposure to grid upgrades, with potential for cross-selling labour and training services as demand rises.
Water (AMP8 2025-2030): £104 billion+ and fresh contracts
Following Ofwat’s review, water utilities are expected to invest more than £104 billion in AMP8. Hercules reports new contract awards of approximately £6.5 million over their duration during the past two quarters. The Company remains active across Anglian, Thames, Southern, Severn Trent, Wessex, United Utilities, Welsh Water, and Yorkshire Water.
Notably, Hercules does more than labour supply here – it also executes civil projects via a specialist arm. That increases wallet share potential on complex jobs.
Rail (CP7 2024-2029): £44 billion committed
With circa £44 billion committed in CP7, rail is another structural tailwind. Hercules’ rail division launched in October 2023 and has been expanding, supported by its multi-year HS2 Phase 1 (Northern Section) contract. Engagement with additional Tier 1 clients is under way.
What to watch: track record and safety credentials are central in rail. Continued expansion into Tier 1 frameworks would be a healthy signal.
Strategic moves: acquisitions and training capacity
Hercules has been busy on the M&A and capability front:
- Advantage NRG (June 2025): the Company’s largest acquisition to date, marking entry into power and energy, with a market-leading position in overhead linesmen.
- Quality Transport Training (June 2025): bolsters the Hercules Academy’s capacity and course range.
Both businesses have been successfully integrated, according to the RNS. The Academy, launched in January 2024, has already trained more than 1,850 individuals. With UK construction forecast to need nearly 225,000 additional workers by 2027, in-house training should help Hercules fill roles faster, support quality, and open cross-selling routes across clients and sectors.
Reading between the lines: positives and pressure points
- Positives: revenue trending above the RNS-stated consensus; exposure to multi-year government-backed programmes; acquisitions aligned to clear demand (power grid) and capability build (training); successful integrations.
- Pressure points: actual FY25 margins and cash metrics are not disclosed; labour availability and wage inflation could squeeze margins; large programmes come with operational risk and compliance demands; integration and scaling the Academy need ongoing investment.
What to watch into mid-January 2026 results
- Adjusted EBITDA and adjusted PBT prints versus the expectation numbers disclosed in the RNS (£6.1 million and £3.3 million respectively).
- Any commentary on margin trajectory as the mix shifts toward power and long-duration projects.
- Order intake and additional contract awards in water (AMP8), power, and rail (CP7).
- Update on Sizewell C scope and resourcing as it moves towards main construction.
- Academy throughput, new courses, and evidence of cross-selling with Advantage NRG and core labour supply.
My take: a well-placed operator for the UK’s infrastructure supercycle
This reads as a confident update from Hercules. Revenue is set to beat the consensus figure listed in the RNS, and profit metrics are said to be in line with expectations. More importantly, the Company is embedded in the UK’s infrastructure upgrade across nuclear, grid, water, and rail – each with substantial committed spend and multi-year timelines.
There’s still execution to prove as the work ramps and acquisitions bed in, and we need the full-year numbers in January to judge margins properly. But strategically, Hercules looks well positioned: owning scarce skills in power, broad water capabilities, a growing rail footprint, and an in-house Academy to feed the talent pipeline. For investors seeking exposure to UK infrastructure, Hercules is leaning into the right places at the right time.
