21st Jul 2014 09:30
LONDON (Alliance News) - Amiad Water Systems Ltd said Monday it expects to return to growth in the full year 2014, underpinned by the improving global economy and despite the strengthening of the Israeli shekel.
The water treatment and filtration products company said it expects its revenue in the first half to end-June to be higher than in the second half of 2013, coming in at around USD60 million.
During the half year, the company said it saw slight growth in its Irrigation segment, while its Industrial segment remained flat and demand return to its Municipal segment. It said its Oil & Gas segment continued to improve as it entered the year with a higher backlog than the previous year.
Amiad's profitability continued to be weighed upon by the strengthening of the new Israeli shekel against the dollar. However, the company, which reports its results in dollars, still expects to show a higher net profit compared to the previous year.
The company said it had entered the second half of the year with a higher backlog than in the same period the previous year. It expects its Municipal and Oil & Gas segments to accelerate in the second half of the year. Its irrigation segment, particularly in the US, is expected to continue to show sustained momentum through the year.
Amiad also said it expects to see overall revenue grow in 2014 compared to 2013.
Shares in Amiad were trading down 2.7% at 257.00 pence Monday, near its 52-week low of 254.00p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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