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.

Latest accounts show as at 31/3/07 shareholders funds of 39m of which 29m is intangible assets the balance appears to be net debtors. Market capitalisation at present is 100m. Turnover for half year to 31/3/07 was 8.8m with net loss due mainly to high administrative costs. Recent supportive share buying mainly by Mark Worthington at 111p pales into insignificance as he sold 2million shares in May at 170p. Latest announcement of 120M deals in the pipeline appears to include contract tenders which may not necessarily be won. At the time of the AIM floatation Peter Worthington the company founder sold 12.m of shares and the company received 7m out of a total 20m raised.

Even 80p looks a tad high!

David

"However it was Tom and his gang that said buy WGG."ENDS

Whats WGG got to do with WNG?.

And surely Zak Mir (not a big fan of his) as as much right as anyone to put forward his view.

Wheres your 80p coming from ?.

Not TA is it?.

Nothing, but a lot to do with share tipping!

80p? if that were on pure TA surely it would be lower dont you agree?

Note the SP is still heading down so that goes some way to show that even the directors do not now the right value point to enter either.

GF

Oh dear, you seem to have the Board muppet posting, best to give him a stiff ignoring; a cut and paste merchant with a high opinion of himself although by his own admission knows nothing about the markets, less about TA and even less about fundamentals. An avid attention seeker, you have my deepest sympathy :)

pth

I think your out of your depth here PTHY.

Good back and look at where the SP of COH is--despite all your rampings and rudeness.

No bad for a person who knows nothing---errr mmhhh is that you or me?

My day gets better seeing that you were supposed to be ignoring me---its my magnetic attraction that gets them all the time folks---much better if he had said nothing.

Do enjoy your lunch. I am off tp the pub now; roast lamb cutlets delicious---and up 4K on GDP---not bad seeing as I know nothing.

Fortunately Thrush I have the luxury of seeing that you are posting, but thanks to the squelch button knowing not what. I see your attention seeking spreads by the day, must be a virus LoL

Shares Digital Magazine


WORTHINGTON NICHOLLS,.....
The market may have been disappointed with interim
figures from air conditioning specialist Worthington
Nicholls (WNG:AIM) last week, swiping close on 25
million off the market value, but directors have acted quickly
to bolster support, and their own stakes in the business.
Three board members, led by chief exec Mark Worthingtons
purchase of 450,000 shares, worth just over 500,000, bought
stock, with non exec deputy chairman, Alastair Stoddart, and
Stephen Mulligan, also a non-executive director, both buying
22,500 shares a piece.
At the half-year stage, Worthington Nicholls reported a plunge into the red of 297,000, yet
analysts at Panmure Gordon and Blue Oar, the house broker, remain optimistic about prospects
for the year as a whole. But the figures came as a shock since a trading update, issued as recently
as 17 April gave little warning that interims would involve red ink. Some institutions are miffed
as they subscribed to a 20 million share placing at 170p at the beginning of May.
These were maiden interims as the company was floated only last June, at 50p a share, so while
no direct comparable figures are available, the company is understood to see a marked imbalance
between first and second-half numbers. This characteristic has been particularly aggravated this
year by the timing of contract tenders. Last month Worthington won an important 6.7 million
contract with hotels chain InterContinental (IHG) but more importantly the company has
submitted tenders worth 61.3 million. Brokers believe that, although the group enjoyed
turnover of only 8.8 million in the first half, it should be able, because of acquisitions and new
contracts, to report turnover of around 35 million for the year.
Acquisitions remain key to Worthington Nichollss expansion strategy in spite of encouraging
organic growth across the UK and in Europe. Having bought several businesses over the years on
single-digit PE multiples, these alone should add roughly 25.5 million to the firms top line, and
bolster the firms already impressive margins.
Blue Oar expects the group to make further acquisitions next year which could add at least
2.9p a share to earnings. The broker is currently forecasting EPS of 5.8p this year, rising to 9.4p
next. This places the shares on a 2007 PE of 21, falling to around 13 in 2008.
Shares says: Smart investors will take advantage of current weakness, although it may
take a more encouraging update in September to inspire a share price hike. BUY

That David bloke is a bit of a tosser imo.

Just a bit Dil? :)

lol, say what you see Dil, say what you see

capa

Imwonder if the prerequisit for being a tosser is making money by going against the crowd.

I know people hate to see a person making it while they struggle on.

Now pay attention peasnatry and listen to Mr Holden not me, as he is bound to make you money---just look at his posts on the COH thread and smile as I do.

Have a really nice day.

Looks like they wouldn't let him in the pub ... just our bloody luck.

And being called David10B may not be a prerequisite to being a tosser but it obviously helps.

I think some of the bigger boys will take advantage of current weakness. we may see a change in s/p

Big Buys comming in

What ever turns you on Dull ooops I mean dil.

But it does not turn me on in the least as 2+2 simply aint adding up here and the trades today are showing no real impetus of someone picking up load of bargains.

I took the folow post off ADVFN( with full acknowledgement to both them and the very witty author)-

Makes a whole bunch of sense to me and add further weight to my 80p:-----


sandbank - 5 Jul'07 - 13:29 - 2138 of 2147


HERE IS A DRAFT OF THE NEXT WNG RNS FOR SHAREHOLDER APPROVAL

Well, there you go - it was all down to a computer glich! Wouldn't you know it? - the sort of thing that could happen to anybody. Yeah - whoops - we'd better hold our hand up here! But look - we're a pretty straight sorta company -right?.

Remember it only happened because we were RENEWING out computer system to do a BETTER JOB for the damn shareholders- and now they're the ones complaining about it! Typical - absolutely typical!

And anyway computers? - Who can trust them? ...The IT guy obviously loaded in the old data that's all- (or something like that anyway - blowed if we understand it either). So that's the story the PR department have pumped out and we're stickin with it ...'specially if it saves us having those FSA people NOSING AROUND - know what I mean?

So let's not get this thing out of proportion - it's happened a million times before - so get off our backs OK?

It's just a cheap shot to ask us why we didn't spot that rogue info in the interim statement before it was released. C'mon! It's TEN PAGES LONG! Who's got THE TIME - and let's face it THE INCLINATION to gp ploughing through all that boring regulatory stuff and reading every damn dot and comma? ...That's for secretaries and accountancy nerds. All we did was just sign it off. Job done!

OK maybe some (alright probably quite a few) PIs took a pasting. And OK we have had one or two hot phone calls from those institutions who bought in - but they better remember 170p was a GOOD PRICE BACK IN MAY - and they're swimming in so much client cash they may as well lose it here as anyplace else.

But be fair. It didn't take long for us here at WNG to sort things out. Ok - if you want to be pedantic - it took maybe a week or so - but that's not all that much time. And let's face it we acted pretty quickly to pick up those cheap shares after the sell-off didn't we? Just shows we CAN be fast off the mark when we wanna be! Yessireee!

But see here - there's nothing for us to apologise for. It's not something really serious - like we had sex with that woman - Miss Lewinsky.

And as for those malcontent shareholders who panicked when they should have had the utmost confidence in the company - well who cares? We're better off without them - although thanks for the cheap shares you guys

....although we ain't made as much as we thought out of them so far thanks to those WHINGEING SHAREHOLDERS fussin' around.

And whaddya mean apologise? ..to those guys who sold their shares?..and lost money? .....C'mon! Get real. We've said it before and we'll say it again, if we'd given out the CORRECT FIGURES in that RNS then the shares wouldn't have fallen all that much...Or at least they wouldn't have fallen so steep.

So that's it.The end of.

................. and yet another good buy on fundies goes to the dogs.

LOL