Amey drops HSS as rental provider, shares fall

Manchester-based HSS Hire Group said on Wednesday it had been informed by infrastructure builder Amey Plc that it would move to another supplier for its equipment rental managed service contract. 

Shares of HSS, which provides tool and equipment hire and related services in the UK and Ireland, fell almost 10% to 7.6p on the London Stock Exchange. 

HSS said its supplier agreement with Amey will end in early December 2024, subject to any transitional services that HSS may agree with Amey. It said the contract, which started in December 2015, accounted for about 7% of group revenue and 10% of group adjusted EBITA in 2023.

HSS is scheduled to provide an update on trading alongside its annual general meeting on 26 June.