23rd Aug 2016 15:32
LONDON (Alliance News) - Water treatment systems provider Amiad Water Systems Ltd said it expected a drop in its revenue in the first half of 2016 compared to 2015, driven by a reduction in projects due to low oil prices.
Shares in Amiad Water Systems were down 9.7% at 140.01 pence Tuesday afternoon.
Amiad forecast revenue of approximately USD52.0 million for the half year to the end of June, compared to USD59.2 million in the same period the previous year.
The company said low oil prices had resulted in fewer orders for its systems, along with significantly lower revenues from China and Turkey and a decline in the company's Industrial segments. It added that while it had taken cost actions in the first-half of the year it did not expect them to offset the impact of the reduction.
Amiad said it expected to reported increased revenues in the second-half of the year compared to the first-half results as revenue is recognised from contract projects, but the full-year outcome would depend on how trading developed.
By Adam Clark; [email protected]
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