HSS Hire Group loses major managed service contract
12 June 2024
HSS Hire Group has lost a major contract with UK-based infrastructure services firm Amey.
Image: HSS Hire Group
The managed services contract with Amey has been running since December 2015 and accounts for around 7% of HSS Hire Group’s revenue and 10% of its adjusted EBITDA in 2023, according to an announcement to investors from HSS.
Amey, which offers infrastructure support services in several different markets, including roads, rail, defence, education, health and the public sector, has appointed a new, unnamed supplier after retendering the contract.
HSS said its supplier agreement with Amey would end in December 2024, subject to any transitional services that HSS may agree with Amey.
According to its 2023 annual report, HSS’s group revenue was £349.1 million for the year, while adjusted EBITDA was £65 million.
