HSS Hire shares fall as loses contract with major client Amey

HSS Hire Group PLC shares fell on Wednesday, after it said it has lost Amey PLC as a client.

The Manchester, England-based company provides tool and equipment hire and related services in the UK and Ireland.

Its shares were down 13% to 7.34 pence each in London on Wednesday afternoon.

HSS said it has been notified by Amey of its decision to move to another supplier for the provision of its equipment-rental managed service contract.

The supplier agreement will end early December.

The agreement, which began in December 2015, accounted for approximately 7% of HSS revenue and 10% of adjusted earnings before interest, tax, depreciation and amortisation in 2023.

Amey is a London-based provider of engineering services for transport infrastructure.

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