This is the fresh face of (Worthington Nichols), although the two are similar - there are striking differences - mostly in the reality of Management to their position.

The name-change was needed "...to avoid their earlier guise hampering business ..." ( my words) - although I am not so sure. . . . . however, the website and attitude of Mangement appears to make good sense . . . . . .
. . . . despite a small % fall in sp today - - - - 7.8 / 8.15 pence is about as low as should go! That's Hope!

Expect some "charges" to appear and then let's see what Management can do!

Website: www.managedsupportservicesplc.com

Good luck to
...all who sail in her.

StockMarketWire.com
"Managed Support Services said the group was now trading profitably following losses in the year to March 31.

The company, which maintains and installs heating and cooling equipment, reported revenue of 15.3m, down from the previous 26.3m.

It said the decline was a result of a decision during the year to close MSS Projects Ltd and cease accepting long-term projects from non-maintenance customers.

The group achieved a gross margin of 24% for the full year, an improvement on the 22% achieved at the half-year but significantly short of its target.

It believed margins would improve materially in 2010 as the mix of revenue improved.

The results also reflected restructuring of operations following the acquisition of the Status Building Services Group in December.

Adjusted operating loss before exceptionals was 1.68m, against a previous 1.44m profit. The statutory loss was 4.85m, previously a 0.12m profit. "

"and cease accepting long-term projects from non-maintenance customers"
now that seems a reasonable policy/strategy. its the regular "follow ups" at minimum cost and maximum revenue that help keep the bottom line "Up".
i did suggest this may be an issue in an earlier post, so it seems management are also aware and have done something about it.
i am still watching and still waiting to see the proof of the pudding.might be a long wait but in the mean time,
good luck to all holders
regards
jkd

The Company issued the following statement:
"The Board is pleased to confirm that MSS has delivered month on month profitability throughout the first quarter. This is a considerable achievement given the prior year losses and the integration challenges arising from the acquisitions made in late 2009 and early 2010.

It is anticipated that the results for the second quarter will show continued progress.

The Group has now been able to develop a pipeline of customer opportunities and the Board is hopeful that these opportunities will deliver the growth planned for the second half.

The Group is now benefiting from an experienced and extensive management team, many of whom have previously successfully managed rapid organic growth within the specialist Building Services market. This team has also created a stable operating platform from which to manage further organic growth.

As a result, the Board is now actively examining the potential for further add on acquisitions which, if executed, would be expected to increase net earnings substantially given the potential for cost savings and the consolidation opportunities available in the Group's markets".

StockMarketWire.com
"Building services provider Managed Support Services is buying London-based Environmental Control Services from its two founders for 3.2m in cash and shares.

ECS reported turnover of 8.8m for the year ended May with an adjusted operating profit of about 0.4m.

MSS said it was currently generating contracted maintenance revenues of about 3.2m.

To finance the acquisition, MSS has raised 3.1m gross via a placing at 7p per share.

MSS says the deal increases the scale of its building services operations as well as enhancing the group's revenue mix. "

Contract Win
Managed Support Services plc, the technical building and environmental compliance services provider is pleased to announce that it has signed a five year contract for the provision of building services, including the management of complex data centres, with The Co-operative Group. Service provision commences on 1 December 2010.

Planned revenues for the core maintenance services are scheduled to be in excess of 1 million per annum and a range of other services are also expected to be provided.

The Board regards this contract win as an important validation of the Group's investment in creating a competitive services platform nationwide, capable of meeting the complex needs of major corporate customers. The Group continues to pursue similar opportunities.

Trading Update
The results for the half year ended 30 September 2010 are expected to reflect the competitive conditions in some of the Group`s markets. The Board is pleased with progress on sales gains, as illustrated by today's announcement. Today's contract announcement will contribute materially to sales growth in the next financial year.

The Board is also pleased to confirm that the integration of the recently acquired ECS business into the Group is proceeding smoothly and that early trading indications are promising. The Group has very low levels of debt and no material exposure to government related spend.

The results for the half year ended 30 September 2010 will be announced in early December 2010.

StockMarketWire.com
Managed Support Services plc said its turnover increased to 11.2m from 7.8m in the six months to September.

Adjusted operating profit was turned around to 0.5m from a 2009 loss of 0.5m.

Statutory loss for the period was 0.4m, down from 2.5m.

CEO Simon Beart said, 'Our recently announced contract gains and acquisitions have transformed the prospects for the group. We anticipate further market share gains and we look forward to the next financial year with increasing confidence.'

Recent contract gains were announced with the Co-operative Group and Thomas Cook.

Acquisitions of ECS and Data Sound were successfully integrated.

A new software product, Compleye, was launched to improve the electronic interface with Health & Safety customers.

TRADING STATEMENT
In common with other competitors, the Group experienced very weak trading in December and January, notwithstanding that these months traditionally generate low activity. This was exacerbated by some contract losses in the smaller, regional accounts. February has seen some recovery in activity which the Board expects will continue in March. However, it is now clear that the Group's overall result for the year, before exceptional items, will be below market expectations, despite current run rates.

Full year turnover for the current year is expected to be approximately 26-27 million. The annualised run rate of current monthly sales and the visibility of customer revenues confirm the Board's expectations that turnover for the year shortly to commence on 1 April 2011, will be between 35-37 million. The majority of the turnover increase reflects the full year consolidation of ECS. The Board currently anticipates that EBITDA for the year to 31 March 2012 will be some 20% below current market forecasts as a result.

The Board expects operating margins to remain broadly stable for the forthcoming year but the Group has relatively high operational gearing and therefore the Board believes that operating profit is more sensitive to sales levels, rather than small margin movements.

To deliver a satisfactory return for the forthcoming year, further cost reductions are being undertaken and management efficiencies improved, following the departure of the UK Managing Director.

Contract Gain, Trading Update
The Board of MSS is pleased to confirm that terms have been agreed in respect of a substantial contract extension with an existing key customer generating additional contracted, recurring revenues of approximately 700,000 per annum for three years. Delivery is expected to commence in June 2011.

The Group continues to pursue an encouraging range of potential contracts of a similar size and is forecasting to increase the overall value of the contract book modestly this year, net of contract losses.

The results for the year ended 31 March 2011 are expected to be announced in early July. As previously indicated, these results reflect the lower level of discretionary customer spend in the last quarter and the cost of rectifying failures by operational management, which led to a short term reduction in customer service and a consequential write off of Work In Progress. The Board dismissed the relevant senior management for negligible cost and is pleased to report that the upgraded team is performing well.

Trading in the first quarter of this financial year has seen a weak start from the Group units dependent on capital expenditure by customers, coupled with low utilisation rates in April. Visibility and activity levels for the second quarter appear to be improving.

The Group continues to concentrate on the development of recurring revenues from both Building Services and Environmental Compliance to further dilute the Group's exposure to the more volatile, capital related revenues that arise within our customer base.

StockMarketWire.com
Managed Support Services preliminary results for the year ended 31 March 2011 show group turnover increased from 15.3m to 26.6m.

The company reported a return to normalised operating profit - normalised operating profit is stated before restructuring costs, amortisation of intangible assets, Share Based Payments and acquisition related costs. Statutory loss for the period was 1.38m.

Activity levels recovering in second quarter after slow start. The company also pointed to the successful completion of two acquisitions.

Commenting on the results, Simon Beart, Chief Executive said: "We have now assembled a nationwide capacity to deliver Building Services and Environmental Compliance to our growing customer base. We expect further new business gains in due course as the Group continues to gain recognition and profile in its markets."

The Board of MSS is pleased to announce it has today completed the sale of the Group's Compliance Division for an agreed gross consideration payable at completion of 3.85 million.

The Group expects to receive net cash of 3 million following adjustments for working capital and the settlement of inter group balances. The Division has been sold to Capita Symonds, a trading division of The Capita Group Plc.

The services offered by the Compliance Division were the consultancy based provision of Health & Safety advice and the provision of Water Treatment monitoring and legislative compliance with water related legislation. The core of the Division was the Health & Safety unit, with the Water Treatment unit being a start up operation, which commenced in late 2010.

The Health & Safety unit on a stand alone basis reported an adjusted operating profit of approximately 670,000 for the 12 months to 31 March 2011, on turnover of approximately 2.33 million.

The Water Treatment business incurred small losses for the initial trading period to 31 March 2011 on turnover of approximately 400,000, but is now profitable.

The disposal has been undertaken by way of a business and assets transfer. Net assets of the relevant businesses as at completion were approximately a negative balance of 300,000, prior to consideration related adjustments to working capital.

The Division had a headcount of approximately 30 staff, representing some 10 per cent. of the Group's total headcount prior to disposal. The turnover of the Compliance Division was expected to represent approximately 10-12 per cent. of the Group's current year turnover.

The proceeds of the disposal will be used to fund the continued development of the Group's much larger Building Services division.

The Board undertook the disposal because the Group is not of sufficient scale to fund the development of two divisions by acquisition and has therefore elected to concentrate the Group's management and financial resources on the growth of the Building Services division.

Goodnight to a sorry saga, will there be a bone left for shareholders to nibble on?

http://moneyam.uk-wire.com/cgi-bin/articles/201111181819024146S.html

Not necessarily. This board are reasonably adept at finding new opportunities and making the most of them. It looks like they have taken the air con + buildings maintenance part of the company as far as they can. Now with the cash for the transfer of assets, they may be able to find a new direction for MSS. Certainly hope so, as not really much point in any of us long term holders taking the cash now.

StockMarketWire.com
Rentokil Initial has exchanged contracts with Managed Support Services (MSS) for the acquisition of its building services division, MSS Facilities Management for a cash consideration of up to 6.5m (subject to a net asset adjustment at completion). The proposed sale is conditional upon the approval by the Company's shareholders in general meeting.

The Division, which has 200 employees, has an approximate annual turnover of 22 million and operates from two principal trading sites in Manchester and London.

Sold too cheaply maybe?

Result of General Meeting
Further to the announcement of 18 November, MSS confirms that all resolutions were passed at the Company's General Meeting held earlier today. As a result, the Company expects the disposal of MSS Facilities Management Limited (comprising the Building Services Division of the Company) to complete today.

StockMarketWire.com
Managed Support Services says disposals made this year were well-timed.

In its Interim Results for the six months ended 30 September 2011, the company pointed to the sale of Compliance Division for £3 million and the sale of Building Services Division for a headline price of £6.5 million

The company introduced a new Investment Policy adopted following disposal of all trading companies. The Board said it was maximising cash and reducing costs whilst actively pursuing investment opportunities

Commenting on the results, Simon Beart, Chief Executive said: "We believe the disposal of the Group's trading activities was well timed given the worsening trading environment and the very poor outlook for the Building Services sector.

Deferred consideration settlement

The negotiations with Rentokil Initial plc in respect of the final deferred consideration receivable by MSS in respect of the sale of the Group`s Building Services division ("the Division") in December 2011 have now been concluded. The deadline for agreement was 5 March 2012, absent which the parties would have appointed an independent arbitrator.
The Board regarded the process of arbitration as highly uncertain, whilst also incurring further potentially material cost, as well as delay.
The additional net proceeds have fallen far short of the Board`s expectations, primarily as a result of the unforeseen cancellation of one of the Division`s largest maintenance contracts just prior to the relevant deadline of 5 March 2012. This cancellation had the effect of materially reducing by far the most substantial element of the deferred consideration.
The Board will now make the final outstanding payments to the secured loan note holders and immediately thereafter will consult with the Group`s few remaining creditors.
However, in view of the above, the Board regards the equity value of the company to be negligible. Further announcements will be made in due course.

So, that's just the "AIM-Listing" of any value, eh?

Perhaps they should tout around Plus and see if any takers want a leg-up into the Mighty AIM Market...... a kinda Joint venture where MSS keeps out of it.

This is a long way from those happy days with W-Nichols . . . . . Grr.
EDIT: MSS had a bad hand to start with, compliments WM,

CAPITAL REORGANISATION & NAME CHANGE - "The Company has announced the proposal to enter into a Company Voluntary Arrangement, undertake a Capital Reorganisation and to change its name to Kennedy Ventures plc, subject to shareholder approval at the forthcoming General Meeting to be held on 25 May 2012.
Terms: Capital Reorganisation: each existing Ordinary Share of GBP0.01 each will be subdivided into 1 new Ordinary Share of GBP0.0001 and 1 new Deferred Share GBP0.0099. Name change: all securities under managed support services plc will change issuer name to Kennedy Ventures plc. Additional Information: If the CVA is not approved, the Directors believe that the only alternative would be for the Company to be placed into liquidation. For the avoidance of doubt, the CVA would not result in any distribution being made to the Shareholders of the Company"

---so is that another "New Name" after only a few years? - It looks like it . . . What will "Kennedy Ventures" have that eluded MSS, other perhaps than bad contracts, old stock - and a business sector that was on hard times?
I'm guessing we get "new shares" for old; but any new money will be a "welcome dilution"....