Amiad Water Systems Ltd Business and Trading Update (9421H)
August 23 2016 - 11:02AM
UK Regulatory
TIDMAFS
RNS Number : 9421H
Amiad Water Systems Ltd
23 August 2016
23 August 2016
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Business and Trading Update
Amiad (AIM: AFS), a leading global producer of water treatment
and filtration solutions, provides the following trading update
ahead of announcing its interim results for the six months ended 30
June 2016 on 8 September 2016.
The Company has continued to demonstrate underlying progress and
maintain tight cost control. In the six months to 30 June 2016, the
Irrigation segment was, again, the main contributor to revenue, and
the Municipal segment showed meaningful signs of recovery. In the
Oil & Gas segment, as stated at the time of the Company's full
year results statement on 24 March 2016, Amiad saw a reduction in
projects, due to the effect on the industry from the continuing low
oil price environment, compared with an exceptionally good year
experienced in 2015. As expected, this resulted in reduced revenue
contribution from this segment during the first half of 2016. The
Company also received significantly lower revenues from China, as
well as Turkey, in H1 2016 compared with the same period last year
due to a decline in the Industrial segment, albeit orders secured
in the first half should support this segment's revenues in the
second half. As a result of the above, the Company expects to
report revenues of approximately $52m for H1 2016 compared with
$59.2m in H1 2015. While the Company has taken some cost actions in
the first half, these are not expected to offset the impact of the
reduction in revenue in the first half.
The Company expects to report increased revenues in the second
half of the year compared with H1 2016 as it delivers on, and
revenue is recognised under, contracted projects, however the full
year outcome will depend on how trading develops throughout the
rest of the year. The Company will provide further details at the
time of its interim results.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Enquiries
Amiad Water Systems Ltd.
-------------------------------- -----------------
Arik Dayan, Chief Executive
Officer
Irit Ben-Dov, Chief Financial
Officer +972 4 690 9500
-------------------------------- -----------------
Stifel Nicolaus Europe
Ltd.
-------------------------------- -----------------
Stewart Wallace, Ben Maddison +44 20 7557 6030
-------------------------------- -----------------
Luther Pendragon Ltd.
-------------------------------- -----------------
Harry Chathli, Claire Norbury +44 20 7618 9100
-------------------------------- -----------------
About Amiad
Amiad Water Systems (AIM: AFS) is a leading global producer of
automatic, self-cleaning water treatment and filtration products
and systems. Through its engineering skills and ability to
innovate, Amiad provides cost-effective "green" solutions for the
industrial, municipal, irrigation, oil & gas and ballast water
markets. In these segments its patented products are being
integrated into the core of systems for filtration and water
treatment, micro irrigation and membrane protection, wastewater and
potable water treatment, cooling systems and sea water
filtration.
Headquartered in Israel, Amiad provides these solutions through
nine subsidiaries and a comprehensive network of over 170
distributors to customers in more than 80 countries.
For additional information or product details, please visit
www.amiad.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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