HSS Hire Group PLC (AIM:HSS) saw its shares drop 11% in Wednesday’s early deals after it reported the termination of its equipment rental and managed service contract with Amey PLC.
Amey decided to switch to another supplier, following a ‘retender’ process.
The contract, which began in December 2015, will officially end in early December 2024.
It represented some 7% of HSS’s group revenue last year, and 10% of its earnings (adjusted EBITA).
HSS told investors it will provide a further update later this month, alongside its AGM on 26 June.
In London, HSS shares were down 11.3% changing hands at 7.45p each.