31st Mar 2015 09:11
LONDON (Alliance News) - Amiad Water Systems Ltd Tuesday said it swung to a pretax loss in 2014, as delayed or cancelled orders in developing countries hampered revenue growth and it took a USD2.2 million hit from adverse exchange rates.
The water treatment and filtration products provider has opted not to pay a final dividend for the year given its financial performance, particularly in the second half, although it expects to resume dividend payments from the first half of 2015 assuming it continues to perform in line with its expectations. It had previously declared an interim dividend of USD0.022 per share.
It posted a pretax loss of USD429,000 for 2014, compared with a pretax profit of USD5.1 million in 2013, as revenue remained broadly flat but gross margin fell, it booked restructuring costs of USD500,000 and a USD2.2 million finance expense in relation to currency exchange movements, mainly the US dollar against the New Israeli shekel, the Australian and US dollars, and the euro and the US dollar.
"Amiad entered 2015 with an 18% higher backlog than at the equivalent period in 2014. We are committed to maintaining tight cost control whilst continuing to invest in targeted sales & marketing and product development. As a result, the board expects revenues for full year 2015 to be in line with market expectations," said Chief Executive Officer Arik Dayan in a statement.
Shares in Amiad are untraded Tuesday. It last closed at 140.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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