Watch out for this one floating in the next few days, it could turn out to be the float of the year. Theres not much available on the company yet but I have found the write up below which shows the fantastic potential of this one. Note just how cheap it is.

New Issue: here's one that's more than hot air

Published: 12:45 Monday 27 February 2006
By Cliff Feltham, Companies Correspondent

Owners of thousands of buildings in the UK are facing massive bills over the next few years to comply with new energy standards, which is good news for new AIM entrant Worthington Nicholls.

Air conditioning and ventilation units using ozone depletive gases have to be replaced by systems using more environmentally friendly gases.

The measures are creating a windfall for air conditioning installation companies like Manchester-based Worthington Nicholls which is to float on AIM with a price tag close to 35 million.

The firm, which has been around since the early 1970s, needs extra working capital to cope with the influx of orders which will see this year's turnover climb from 11.7 million to nearly 30 million.

The flotation, sponsored by broker Corporate Synergy, will also allow founder chairman Peter Worthington, who is nearing his 70th birthday, to sell shares worth around 7 million.

After years of steady progress, the firm has seen a huge jump in work triggered by new energy efficient legislation flowing from the Kyoto Agreement.

The deadline for owners of buildings to replace air conditioning, heating, ventilation and chilled water systems using banned gases is the end of 2009.

Chief executive Mark Worthington, son of John, believes there are at least 9,000 buildings in the UK which will have to comply with the new regulations. But the figure could be much higher. ' We are talking billions of pounds here,' he says.

Worthington Nicholls has concentrated on servicing hotel and retail clients which include Hilton, Holiday Inns, Debenhams, Arcadia and Boots.

A new, energy compliant air conditioning plant in a high street store can cost anywhere between 80,000 and 120,000. Re-fitting a Debenhams branch cost 670,000 while hotels can expect to pay around 3,500 a room for a new air conditioning unit.

Worthington Nicholls offers a complete service, designing the system, managing installation and providing regular maintenance. At present income from maintenance contracts is running at around 20% of total sales but that is expected to rise.

The flotation, which is raising a total of 15 million, will also provide a warchest for acquisitions. Two deals have already been lined up with will add another 20 million a year to turnover.

Mark Worthington says there is huge scope for acquisitions. The company claims to be market leader yet it only has a 3% share suggesting plenty of room for consolidation.

The company is making some confident assumptions about future growth. Profits are expected to rise from 3.7 million last year to 8.6 million in the current year to September. By 2008 it is projecting earnings of 12.6 million on sales of 45 million but this does not take into account any contribution from future acquisitions.

Says Worthington: 'Stringent environmental legislation has changed our business. Now the large international hotel and restaurant groups prefer to deal with a single supplier. We believe there is huge scope for expanding not just in the UK but across Europe.'

Price of the shares being placed will be fixed over the new few weeks following investor presentations with dealings due to start in about a month's time.

Please DYOR and do not use money on shares you cannot afford to lose.

cheers GF.

I'm a investor in this stock but I believe that there is something more to the massive drop than just the market wobbles. it's getting close to the trading statement sometime in Sept & in their interims they said that more of the contracts weighed to the 2nd half & I would have expected some rns by now but nothing since 4th July. I have a bad feeling that there is going to be a profit warning, before the last bad news at end of June, the SP dropped consistenetly for a 2 week period & it's doing thre same again but with a more dramatic drop over the last week. I believe us small investors are the last to know but others will alrready be aware of the poor news !!
What would help is for the directors to say something but the silence is not very helpful.
I hope I am very verry wrong as I have much to lose !!

If you feel that there is a profit warning coming why not sell?

because the stupid idiot that I am, I always thought it would get better and that it would start going back. I know I should have had a SL but it's too late, I now have to take the 'pain' & hope it gets better. I just wish the company would make a statement or produce a good rns that would give us long suffering investors something to cling to.

Don't get me wrong I want this to improve asap but I think this will take a while !

I'll buy back in at some point. Just got to figure out when. ;-))

PS

I am constantly amazed when people hang on to stock in trouble. The phrase is often "for the long term". If something runs into trouble you should get out immediately. 9 times out of 10 it is the correct move.

I agree, Big Al...down 3p this morning

Who would have thought it ,, back to near float price...Interesting to see where it goes from here,,these guys certainly spooked the market.

All the stocks are taken a battering not only WNG. The market is not good at the moment.

It's more than just market jitters with this one peter ,however i'm surprised this has fallen so far.

Isn't Goldfinger still holding then.?

"Alastair Stoddart, 65, is a renowned entrepreneur. As part-owner of Cearns &
Brown Limited he helped to grow the company's revenues from 4 million to 200
million before selling the business in 2000. Alastair was also Chairman of
Lindley Catering Limited which was sold in July 2005. He is currently Chairman
of Wetherby Building Systems Limited."
Some kind of statement from him now would seem to be called for, imo.
Their website is also very quiet.

Fighting at 50p but i can see it falling back to the 45p and maybe 40p

Peter123 / jimmy b - never be surprised by what the market can do. ;-0

2006 was air con year. 2007 NO hot summer, NO air con required. simple.

Thats the biggest load of tosh iv'e ever heard. Companys don't abandon plans to refit their premises because of a couple of dreary months ,it's much deeper than that.

More bad news:

Worthington Nicholls Group plc, (AIM: WNG) ('Worthington Nicholls' or the
'Company'), announces that for the financial year ending 30 September 2007, it
expects that turnover and profit will be materially below market expectations.

They are are an absolute disgrace the way they have managed this & they should be shot !!! To use the bad weather as a reason is appalling !

Also:

"The Board recognises the urgent need to strengthen the management of the
business. The Chairman is personally overseeing this process and is currently
exploring the options available."

Just a bit late in the day. I think the rest of us had worked that one out.

Where do u c the price going today, 20p or lower ?