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.

Worthington Nicholls Group plc
26 June 2006


RNS release


26 June 2006


Worthington Nicholls Group plc ('Worthington Nicholls' or 'the Company')
Acquisition of Project Air Limited


Worthington Nicholls, one of the UK's leading independent installers of air
conditioning, heating, ventilation and chilled water systems, is pleased to
announce that it has completed its first acquisition since its shares were
admitted to AIM earlier this month.

The Company has acquired the entire issued equity of Project Air Limited.
('Project Air'), a specialist installer of air conditioning systems to the
retail sector. Its customers include well-known high street retailers, such as
Phones 4 U, Hamleys, The Bear Factory, and TM Lewin. Project Air is based in
Rugeley, Staffordshire. The business was established in 1992 and today has a
total of 23 staff including 13 engineers.

In the year to 31 March 2006, Project Air reported turnover of approximately
3,236,000 generating approximately 754,000 in post-tax profits. Immediately
prior to completion and as part of the acquisition, assets with a value of
129,000 were transferred to Project Air from GC and AD Price, the partnership
that provided air conditioning service and maintenance services alongside
Project Air and which held all the business assets utilised by Project Air and
the partnership. In the year to 31 March 2006 these assets generated turnover of
297,446 and profits after tax of 38,710. As at the date of this announcement,
Project Air has net assets of approximately 370,000.

As part of the acquisition, Gary Price, the managing director and founder of
Project Air, will remain with the company for at least a year to help with a
smooth transition under its new owners.

It is the opinion of the directors of Worthington Nicholls that the acquisition
should immediately enhance the earnings per share of the Group and provide
further growth opportunities through Project Air's customers and resource base.

The acquisition is for a total consideration of 4,600,000 of which 3,000,000
has been paid with two subsequent instalments of 500,000 each in six months'
and one year's time subject to a Project Air meeting a turnover target. The
remaining 600,000 is to be satisfied by the issue of 1,165,049 ordinary shares
in the Company. Application has been made for these shares to be admitted to AIM
and trading is expected to commence on Thursday 29 June 2006.n .

Looks like a solid acquisition.

Still not bought in yet as Im still unsure about the markets as a whole.

Hmm, so what was value of Project Air Ltd?

Its above KD.

All I see is this was worth so much and that was worth so much and my calculator is not behaving.

????????

The figures are their KD. Their should be no problems.

Up 1/2p today , get in quick GF they'll be 2 quid soon . :-)

Yup noticed the move up Jimmy. Im now starting to panic............LOL.

cheers GF.

RHPS tip sheets main recommendation this weekend.

Should be some heavy volume monday.

That would be nice GF, hope you've got your cheque book ready!
kim

Nice One GF , as it was tipped in the back pages of SCSW and TMI before the float i expect them to have it as a main tip sometime this year ..Don't get left behind GF .

Im in Kim and Jimmy. Could have got them for 4p less but who cares. RHPS tip sheet by the way have a short term price target of 80p and say they could double tomorrow.?????????.

Thats what they are saying on another site.

Best just to watch sells here though for the moment as it looks like a few pre floaters are taking profits so I wont be going in again just yet.

cheers GF.

A good move GF, I'm sure you won't regret it!
kim

Cheers Kim.

An excelent day I just hope we can hold it for a while.

I'm not too bothered ,this looks good for a hold to me ,and the market will always bounce back ,i've slowed down on short term trading for now , i'm only going for stocks that i think have potential for the next 6 months /year.

Funnily enough Jimmy the hold for a long term gain seems to be back in fashion.

Perhaphs we have have finally got rid of the dot com boom syndrome?.

Makes me happy anyway as Ive always been a long termer.

This ones on a run again.

Yup, nice in a depressed market .