HSS Hire loses key customer Amey, shares slide

12th Jun 2024 08:21

(Sharecast News) - HSS Hire tanked on Wednesday as it announced the loss of a key customer.

The tools and equipment hire firm said that following a retender process, Amey informed the group it had decided to move to another supplier for the provision of its equipment rental managed service contract.

The supplier agreement will end in early December subject to any transitional services that HSS may agree with Amey.

The agreement, which began in December 2015, accounted for about 7% of group revenue and 10% of group adjusted EBITA in 2023.

HSS said it will provide an update on trading alongside its annual general meeting on 26 June.

At 0820 BST, the shares were down 9.5% at 7.60p.