The company said that the proceeds would be used to provide working capital to support organic growth. Customers include the Balfour Beatty Vinci joint venture working on HS2.

The placing received support from new and existing investors, including two of the company’s largest shareholders.

Chief executive Brusk Korkmaz said: “After achieving record revenues and positive year-on-year growth in 2022, Hercules continues to build momentum and deliver on its strategy. 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.

“We recently introduced two new income streams in the labour supply business, being the supply of security personnel, and white-collar placements, and both have received their first contracts and are progressing well. 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.”

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