Shares in tool rental firm HSS Hire have slumped by more than one quarter after it said weak orders over the last few months meant its six-month earnings would not beat last year.
The company, which runs over 265 sites and employs 2,900 staff, said it suffered a slowdown in orders from a number of key accounts in April and May.
The firm added that it had also seen reduced demand for cooling equipment during the period, which taken together saw its shares plummet 26 per cent.
It said it expected its half-year adjusted earnings will be in "line with the comparative period in 2014".
It added that in June it saw customer activity begin to return to more normal levels, with order books building into the second half of the year.
HSS floated on the London Stock Exchange in February at 210p a share, valuing the business at £325 million. At the time the business said it planned to accelerate its growth.
The company, led by chief executive Chris Davies, said it opened its 28th new branch in the current financial year at Bicester today, adding it was on track to open 50 outlets by the end of the period.
Brokers at Numis cut its full-year earnings forecasts by up to five per cent to £83.2 million, compared to £71.1 million a year ago.
The business, which was launched in 1957, competes against established rivals such as the Speedy Hire tool firm. Its main offices are in Manchester and Mitcham in Surrey.
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