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.

yep the big Z

heading minus 100p today looks likely

I brought some at 115p citing this as an opportunity. However its not looking good. Anyone, any adivce

Gee man sorry the hear that you did that. I dont think you will see a better time to cut your losses than right now.

I was saying earlier that its going to go through the 100p------and it is sometime today.

Take a look at MLR to get some of your money back.

MLR...YOU MUST BE JOKING.

LOLOLOLOL

OH AND WHY WOULD THAT BE SO SIR?

PLEASE LET US HAVE YOUR REASONING ---------------------------------------------AND NOT THE USUAL BRAINLESS SPOUTINGS YOU ARE FAMOUS FOR.

SECOND THOUGHTS.

PLEASE ALL LISTEN TO HASBEEMER2 AND WE WILL COME BACK HERE IN THREE MONTHS IN ORDER TO CONFER.

How can one bad trading update(and ok, one "mistake") suddenly change the company from good to bad. The fundamentals still look strong. The order pipeline is solid.

Market is not respecting WNG fundies at the moment, is oversold on RSI but could stay oversold for a while yet, my view is David seems to be right at present, but I would expect alot of interest if this goes near 80p.

With respect to MLR had a look, and very interesting, story is a good one, all buys today. tempted...

There must be a massive sell order in or MLR would be blue...anyway they are in debt.

Wrong again hasbeemer,

please show us the debt and not the structure debt on the take over as that was brilliant financing over 5 years and to be paid for out of projected profits.

Apart fromthat the order books are full with increased sales and company has a cash surplus.

Please therefore try to think a little before gobbing and then putting it here.

I think WNG has lost the trust of its shareholders now...lots of people bailing out.

Look at what happen to Wiggins (WGG) a slow pAinfull death to many an innocent shareholder that did not get out in time.

Now below the 100p as I felt it would be.

I trust some of you got out and got into MLR earlier today when WNG could get you over the 100p mark, and MLR was a lot less than it is now.

If the directors bought around 550,000 pounds worth of shares and its good enough for me. It takes a bit of time for the price hike to come again.

Best value, if you are looking at fundamentals as of today is TSX:CVV.
Fillyerbootsgardenshedsandsheeppensifyouaredil.
d. :-)

Fair enough Peter, but even they paid too much for them so please be careful.

Its a long way to Zero a Big Al says.

Small Talk: Air-conditioning installer gets its pipelines in a twist

By Andrew Dewson
Published: 09 July 2007

Strange statements are not exactly unheard of down at the smaller end of the market, but one of the oddest hit screens last week as the air conditioning installation group Worthington Nicholls followed up on the previous week's results.

Worthington left investors scratching their heads after it announced that its pipeline of new business is worth 125.3m, not the stated 61.3m. It's one thing to maybe get the decimal point in the wrong place, but to mis-state your pipeline of new business by more than half?

According to the company, the glitch came about because a new computer system failed to pick up the full-year number and left the interim number in its place. Not a good start for new chairman Alastair Stoddart, just a day after he started the job. He is apparently "determined" to make sure this doesn't happen again.

Either way, barring an early-morning rally the shares failed to make much headway despite the positive re-stating of its pipeline. That is perhaps a bit unfair; the shares are still 40 per cent off their recent high because of a surprise interim loss, tiny though it was. But Worthington Nicholls remains an excellent growth prospect and even if it is slightly confused over its numbers, the recent sell-off is still a buying opportunity.

This is starting to remind me of the old BPRG thread on ADVFN.

................. and now Dailos is leaving tips. ;-))

Difficult to draw a trendline on a stock with little history, especially one that has just fallen off a cliff, but a tentaive line seems to suggest support in the 90p - 95p region. Always a dodgy business catching a falling kniife, but this just might be the level to dip in. Having said that I would personally wait for a RSI failure swing before jumping in, might miss the bottom, but better that than finding you didn't pick the bottom at all!

Seems the fundies are reasonably solid even if they don't know how much business is in the pipeline!

pth