AGM Statement

26 Jul 2006 07:02

Amiad Filtration Systems Ltd26 July 2006 26 July 2006 Amiad Filtration Systems Ltd. ("Amiad" or "the Company") AGM Trading Statement Speaking at its Annual General Meeting today, Avi Heifetz, the Chairman ofAmiad, producer and global supplier of water filters and filtration systems forthe industrial & municipal and the irrigation markets, will make the followingstatement: "2005 was a significant year as the Company made good progress with revenuesincreasing by 15 per cent. to US$42.4m and profit before tax increasing by 57per cent. to US$4.1m. Reflecting these results, the Directors recommended a dividend payment of 7.71 cents per share. The Board is pleased to report that the Company has made further progress with astrong finish to the first half of 2006, reflecting the demand for its automaticfilters in China, US and Far East. All operations of Amiad are now profitable. As indicated at the time of the full year results on 29 March 2006, sales in theirrigation segment were affected by seasonality associated with farming patternsduring the early part of this year. The industrial and municipal segment made good progress as the Company focusedon establishing itself in growth markets such as Brazil, China, Eastern Europe,Russia and US. The new thread filter product, introduced late last year, has attracted interest from major customers globally. There is also significantinterest in the Company's filters for pre-filtration of membranes. As a result, the Company expects to report revenues for the first half of 2006broadly in line with those for the first half of 2005. The Company has entered the second half of 2006 with good momentum and, if thisis maintained until the end of the year, would expect to report higher revenuesfor this period than those for the equivalent period last year. Finally, the Board notes the uncertainty surrounding events in the Middle East.At the present moment, the Company does not expect this to have any material impact upon its business. If this were to change, then the Company would inform the market accordingly." Enquiries: Amiad Filtration SystemsYossi Katz, Chief Executive Officer +972 (0) 4 690 9500Itamar Eder, Chief Financial Officer Corfin CommunicationsHarry Chathli, Neil Thapar + 44 (0) 20 7929 8989 This information is provided by RNS The company news service from the London Stock Exchange