Hercules Plc
HERC · AIM · Construction and Materials · mcap £28m · 37.5p 3 open situations →
Open · 3
FY25 audit delay and suspension
Led to 2 directors buying – £415k in 9 buys
The FY25 audit overran in March 2026, shares were suspended from 1 April, and accounts were published on 22 May with a qualified audit opinion on training and consultancy spend. Remediation was due by 30 September 2026. On 1 Oct 2026 the CFO's retirement and the appointment of Gary Fraser from 4 Jan 2027 were announced. The finance function therefore changes hands after the control failure.
- Remediation
- Remaining work expected complete by 30 September 2026 1 Oct 2026 ↗
- Suspension
- Expected to be lifted 7.30 a.m. on 22 May 2026
- Board view
- Items not individually significant; Board satisfied the queried expenditure was properly incurred
- Next milestone
- Interim results mid-June 2026; webinar 28 May 2026
- Cost impact
- Additional professional fees from the extended FY2025 audit weighed on H1 underlying EBITDA
- CFO leaving
- Paul Wheatcroft retires; stays until 31 March 2027 for handover 1 Oct 2026 ↗
Next: Remediation of audit control issues due; CFO handover to Gary Fraser · 30 Sep 2026
- 1 Oct 2026 CFO change during control remediation
- 5 Jun 2026 Accounts published; extended audit costs hit H1
- 22 May 2026 Accounts published with qualified audit opinion; suspension lifting
- 23 Mar 2026 Audit in final stages; deadline will be missed
Power and energy sector expansion
Hercules entered Power and Energy by acquiring Advantage NRG in June 2025, joined Balfour Beatty's power preferred supplier list in January 2026 and took 70% of Lyons Power Services; acquisition costs of £1.3m hit H1. On 3 Aug 2026 it launched a dedicated Power & Energy Services division led by Marcus White, reported separately. Advantage NRG has about £20.8m of FY2026 contracted works.
- Lyons stake
- 70% shareholding in Lyons Power Services Ltd 3 Aug 2026 ↗
- Acquisition costs
- £1.3m in H1 admin expenses 3 Aug 2026 ↗
- Advantage NRG
- Successful integration; continues to perform well
- New division
- Power & Energy Services launched 3 Aug 2026, one of three core divisions 3 Aug 2026 ↗
- Divisional MD
- Marcus White, almost ten years' sector experience with Advantage NRG 3 Aug 2026 ↗
- Contracted works
- Advantage NRG approximately £20.8m in FY2026 to date, announced 16 July 2026 3 Aug 2026 ↗
Next: separate divisional reporting in future financial results
- 3 Aug 2026 Dedicated division launched 3 Aug 2026
- 5 Jun 2026 Advantage NRG integrated; 70% of Lyons acquired
- 22 May 2026 Lyons Power Services acquired October 2025
- 19 Jan 2026 Added to Balfour Beatty power PSL
2 directors buying
Follows from FY25 audit delay and suspension – CFO change during control remediation
- 31 Jul 2026 Brusk Korkmaz £49k
- 28 Jul 2026 Brusk Korkmaz £36k
- 24 Jul 2026 Brusk Korkmaz £40k
- 23 Jul 2026 Martin Tedham £99k
Company filings. Not investment advice.