Construction equipment hire firm HSS Hire Group risks having its shares suspended after a key stock exchange announcement.
The firm said on Tuesday (30 September) that there was “no certainty” it will be able to publish its financial accounts by the end of the day.
“Should the company fail to publish its FY25 Annual Report by the [end of the day], this would result in the company’s shares being temporarily suspended from trading,” the firm said in an update published on the stock exchange website.
HSS Hire had already delayed the publication of its accounts ─ for the 15-month-period to 31 March 2025 ─ on 25 September. At the time, it said it “anticipates releasing its results on 30 September 2025”.
But it said on Tuesday that its board “is actively advancing a range of promising commercial and strategic initiatives focused on long-term value creation”.
“As a result there can be no certainty that the company will be in a position to publish its annual report and accounts for the 15-month period to 31 March 2025,” it added.
“A further announcement will be made in due course.”
The temporary suspension would mean shares could not be bought or sold on the stock exchange until the suspension is lifted.
DRS Bond Management managing director Chris Davies said the suspension could lead to a drop in share price once the suspension is lifted due to a lapse in investor confidence, impacting shareholders. Creditors will also be watching the situation carefully, he said.
HSS Hire is one of the biggest construction equipment hire firms in the UK, with a turnover of £349.1m in its most recent accounts, for the year to 31 December 2023. It posted a pre-tax profit of £11.8m that year.
It has two divisions, a digital marketplace business called Proservice and the Hire Services Company.
HSS Proservice offers building products and materials, both for hire and sale, to around 3,000 customers, while the Hire Services Company provides building-related tools and equipment at more than 130 sites in the UK. According to the stock exchange announcement, the Hire Services Company has more than 10,000 customers including construction companies, tradespeople and facilities management firms.
Its announcement follows a recent decision by its competitor Speedy Hire to accelerate depot closures, following slower growth in its trade and retail division than expected. In April, the firm said higher average debt levels had led to increased interest costs, mainly due to fleet investment for contract delivery.
