Business
AGM Statement
AGM Statement.
About this update from Kazera Global Plc
[{"type":"text","content":"\n Worthington Nicholls Group plc\n23 March 2007\n\n\n Worthington Nicholls Annual General Meeting Update\n\n ('Worthington Nicholls' or the 'Group')\n\n\n\nThe following Chairman's AGM Report will be made at the Company's AGM being held\ntoday:\n\n\n\nChairman's AGM Report\n\n\n\nThis has been a very important year for Worthington Nicholls. Our decision to\njoin AIM and raise expansion capital was a significant milestone in the Group's\nhistory and development.\n\n\n\nThe experience of joining AIM has been a very positive one. Our increased\ncommercial profile and stronger balance sheet have enabled us to implement some\nvery exciting changes within the Group.\n\n\n\nAs you are aware from our results for the year to 30 September 2006, we reported\nproforma annualised turnover of £25 million, gross profits of £7.2 million and\nearnings before interest and tax of £3.7 million. As a result of these profits,\nwe were delighted to propose payment of our first dividend as a publicly quoted\ncompany.\n\n\n\nI am pleased to report that I am encouraged by our current trading position.\nLooking ahead, we have a very healthy pipeline of new orders, including work\nfrom five new hotel group clients that have commissioned Worthington Nicholls to\ninstall their air conditioning systems for the very first time. Currently, we\nhave 17 retained hotel and 16 retained retail clients.\n\n\n\nEach new contract gives Worthington Nicholls the opportunity to secure preferred\nsupplier status. This status, in turn, helps us to secure future additional\ncontracts if we continue to provide excellent service and focus on each\ncustomer's particular requirements.\n\n\n\nWe have also been pleased to welcome new staff and management to the Group, some\nof whom have joined us as a result of the acquisitions we have made and others\nthat we have hired to facilitate our organic growth. In late June, we acquired\nProject Air Limited ('Project Air'), a profitable specialist installer of air\nconditioning systems to the retail sector, and in December we bought Lumenglow\nLimited ('Lumenglow'), a specialist electrical contractor. We are pleased to\nreport that in both instances the integration process is proceeding smoothly.\n\n\n\nIn integrating these companies, we have been aided greatly by the skills and\nexperience of Tim Hunt, who joined the Group as full t...