Trading Update (9296Z)
January 24 2011 - 2:00AM
UK Regulatory
TIDMAFS
RNS Number : 9296Z
Amiad Filtration Systems Ltd
24 January 2011
24 January 2011
Amiad Filtration Systems Ltd.
("Amiad" or the "Company")
Trading Update
Amiad, the producer and global supplier of water filters and
filtration systems for the industrial, municipal and irrigation
markets, provides the following trading update for the six months
ended 31 December 2010 ahead of the Company's full year results,
which are expected to be announced in April 2011.
2010 was a transformational year for Amiad as it completed the
acquisition of its neighbouring competitor, Arkal Filtration
Systems ("Arkal"). The post-merger integration continues to make
good progress and synergies are being achieved. The enlarged
company now has an expanded product range, sales and marketing
infrastructure and increased geographical spread. The first product
combining technologies from both Amiad and Arkal, which targets the
ballast water market, was launched in the last quarter and has
secured a major project in the United States to be delivered in
2011.
As stated in the Company's interim results announced on 15
September 2010, Amiad entered the second half of 2010 with a higher
backlog compared with the corresponding period in 2009 as
investment in water infrastructure projects began to resume. In
particular, the Company's enhanced offering following the Arkal
acquisition has enabled the irrigation segment to return to growth,
and Amiad has also seen its sales increasing in new and growing
geographies.
Specifically, Amiad's subsidiaries in India and Chile,
established in November 2009 and January 2010 respectively, have
progressed well. The product assembly line in India was completed
and Amiad Andina achieved its targets despite the earthquake in
Chile. Amiad recently acquired the remaining 50% issued share
capital of its subsidiary in China, where the Company is seeing
returning investment in the industrial and municipal segments.
Amiad also saw growth in sales in Singapore and Australasia.
As a result, the Company expects to report approximately 27%
growth in full year 2010 revenues to $88m (2009: $69.1m), in line
with market expectations. The gross margin increased slightly in
the second half due to the product mix and the improved
contribution from Arkal. This is expected to contribute to a higher
operating profit in the six months to 31 December 2010 compared
with the first half of 2010.
The Company will report on the full impact of the Arkal
acquisition's synergies and benefits as well as the growth drivers
for 2011 at the time of the full year results announcement.
Enquiries:
Amiad Filtration Systems Ltd.
Arik Dayan, Chief Executive
Officer
Rivka Kalmanzon, Chief Financial
Officer +972 4 690 9500
-----------------
Panmure Gordon
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Andrew Godber, Katherine Roe +44 20 7459 3600
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Corfin Public Relations
-----------------
Harry Chathli, Claire Norbury +44 20 7596 2860
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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