HSS Hire shares tumble after disappointing second quarter

Tool rental company HSS hire lost more than 20% off its share price on Monday morning after warning the market its second-quarter trading was below expectations.By 10:20 on Monday shares in the company - which only debuted on the stock market this year - were down 21.8%, trading at 142.72p.The company said in an update its performance was "marginally below expectations," caused by weakness in key accounts and reduced demand for cooling equipment."In June, we have seen customer activity begin to return to more normalised levels, with order books building into the second half of the year," the company said in a statement.N+1 Singer analyst Jamie Constable said in a note a profit warning so soon after its initial public offering is not good at all."They have put it down to cooler spring weather - ah the old weather excuse - and impact on their cooling for example, air conditioning business."Also they are blaming a temporary slowdown over the general election - you would have thought a known like the election should have already been in forecast," Constable said.Numis reduced its recommendation from 'buy' to 'add' and lowered its price target from 235p to 200p.The brokerage said it reduced its full-year revenue and earnings estimates by 4-5%, which equates to an 18% reduction at the earnings per share level.