LONDON (Alliance News) - Water treatment and filtration company Amiad Water Systems Ltd Friday issued a profit warning after experiencing delays in irrigation projects and as a a slowdown in the US and India continued.
It said it now expects full-year revenue to be between USD115 million and USD120 million and net profit to be between USD4 million and USD6 million.
It said there's a risk that the delayed irrigation projects won't be executed at all this year, without giving any more details.
When it published its first-half results in September, the company had said it expected its irrigation business to perform well in the second half of the year, although a delay in implementation of new regulations had pushed back ballast water contracts into 2014.
It said at that time that it expected revenues in the second half of the year to be slightly higher than the USD61.7 million it booked in the first half. Revised guidance suggest revenues in the second half will actually be down.
Amiad shares were were down 12.9% at 280 pence early Friday, the biggest decline on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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