WORTHINGTON NICHOLLS, Growth On New Legislation.

Excellent coverage again from Manchester - merry Xmas to all! Can WNG more than double again in 2007...well, another 50% could be on the cards at the least imo and maybe a lot more depending on the size and pace of acquisitions and organic growth:



"Friday, 22nd December 2006
Worthington NIcholls buys electrics supplier

BRIGHT FUTURE: Mark WorthingtonTWO days after Wilmslow-based air conditioning installer Worthington Nicholls announced it had deals with five new hotels worth £2.3m, the AIM-listed company revealed its acquisition of specialist electrical contractor Lumenglow.

Lumenglow, founded in 1984, is based in East Dulwich in London and customers include Debenhams, Royal Doulton, Farebrother and the London borough of Kingston-upon-Thames.

Worthington Nicholls, which it has been supplying since 2003, has paid £150,000 for the company, which last reported a pre-tax loss of £4,000 on turnover of about £830,000.

"We will be adding two experienced managers, two qualifying managers and a senior supervisor, along with six highly skilled electricians to the group," Worthington Nicholls said. The acquisition would reduce outlay: £3.1m was spent on electrical subcontractors other than Lumenglow in the past financial year, it said.

Chief executive Mark Worthington commented: "I see plenty of ways to return it quickly to profitability and to increase the size and scope of its work."

Since AIM listing in June, Worthington Nicholls has raised £6m for acquisitions, and will be raising £75,000 of the price for Lumenglow from new ordinary shares."