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.

Marching on together.

Think Ive found another quality float like this one in Velosi velo, Oil Quality control.
Doing a little more research.

Anither good day ,what a good week this has been.. don't know that one GF ,has it floated or is it due ???

Floated Jimmy.

Ill get back to you when Ive got through a little more research. Im a little tipsy at the moment after watching that football sham this evening. Mclaren as to go. Brian Rix couldnt have written a better farce than that.

Up again we go. NICE.

Only a penny ? come on Worthington up you go ..

Good news received from a pal of mine.

RHPS tip sheet this evening e-mailed this to their clients.....

A quick word on Worthington Nicholls (WNG). The shares
have hit my target price of 80p, giving us a 55% gain -
on paper - since July. But this air conditioning company
has got the potential to go much further. So I am going
to raise my target to 100p. Sit tight and HOLD!

Buys coming in.

Buyers coming in now,hopefully the early red will go blue.

150,000 buy gone in. Still down though buys total far greater than sells total, wonder what the MMs are doing here?.

Had to have an off day at some point ,(it's pulled back a bit all the way up) nothing goes up in a straight line ,,unless news tells me otherwise i'll be keeping mine in to next year at least..

Yup taking a breather before the next leg up.

Moving in the right direction now and thats up.

That's more like it. Still very confident in WNG's future and I am sure we will be looking at a 1 share by early next year, or earlier.
kim

I think you are right Kim and if the markets really go ballistic up to the new year that could be conservative, but its always best to lock some gains in along the way.

True GF, though I must admit I am tempted just to sit on these as I have done with other holdings such as HSBC, where I have more than covered my outlay in divs over the years. If all goes well with WNG we could see some nice divs from them; poor divs and yes, I will lock in a gain.
kim

Good on you.

I'll lock in gains when i've doubled my money.

LOL Nice one Jimmy.

Taken from over the road.........

Interesting volumes! At a guess I'd say Elaine Butterworth's entire 4.063m shareholding, or most of it, have just been snapped up by institutions at a nice discount to the market. If so this'll be terrific news....

And............

the 3.677m trade could be EB's sell and all the rest the buy side of the transaction (though you'd usually expect to see a small turn on the whole thing, which is here only evident on a few of the deals). We'll soon find out - there'll have to be an RNS.