AIM air-conditioning star Worthington Nicholls (WNG) wafted 8p higher to 167p today on one of its most significant deals to date, a multi-million pound contract with Intercontinental Hotels.

One of the UK’s largest installers of air conditioning, heating, ventilation and chilled water systems and boasting blue-chip clients ranging from the Hilton and Holiday Inn hotel groups to McDonald’s, Worthington Nicholls has bagged a lucrative contract running through to 2016 with IHG Managed Services, part of FTSE 100 giant Intercontinental Hotels Group.

As well as maintaining air-conditioning units in bedrooms, public areas and within Spirit Health Clubs in the UK and Ireland, Worthington Nicholls will make sure Intercontinental complies with stringent EU environmental legislation related to the monitoring of all HCFC – hydrochlorofluorocarbon – which deplete ozone and are used in air-conditioning systems.

Mark Worthington, chief executive, said companies will have to make major changes to their air-conditioning systems over the next seven years, estimating there are one million units still in use in the UK alone ‘with a replacement and installation cost of over £7 billion’.

Consistently cheering backers with contract wins, Worthington Nicholls recently placed £20 million worth of new shares with institutions at 170p to assist with acquisitions and expansion, with Worthington himself selling an additional £3.4 million of equity in order to sate demand. He retains a meaningful eight per cent stake.

Floated on AIM at 50p in June 2006, Worthington Nicholls has garnered plaudits for its savvy use of the market and reported pre-tax profits of £1.96 million from revenues of £25 million for the year to September. Acquisitions completed to date include air-conditioning installer Project Air, specialist electrical contractor Lumenglow, and more recent additions Woods Environmental Group, Euro Property Services and Classic Interiors Contractors.

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