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Managed Support Services
- BY: Andrew Hore |
- POSTED: 29/10/2008 |
Managed Support Services says its full year results will “comfortably exceed expectations”.
The first half of the year was strong and trading margins have improved thanks to cost cutting. This should continue for the rest of the year to March 2009.
Net cash was £7.9m at the end of September 2008. The sale of an investment property for £1.3m helped.
The shares rose 3.62p to 10p following the release of the trading statement. That values Managed Support Services at £9.02m.
Managed Support Services used to be known as Worthington Nicholls. It installs and maintains air conditioning and heating systems. The business grew rapidly by acquisition but its accounting was flawed and it ran into trouble. Former Revenue Assurance boss Simon Beart took over as chief executive in November 2007.
Figures for the 12 months to September 2007 showed a loss of £41.8m. That was mainly down to write-offs but the underlying business was loss-making. Managed Support Services now has a March year end. There was a loss of £8.91m reported for the six months to March 2008.
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