Trading Update

24 Jan 2008 07:01

Amiad Filtration Systems Ltd24 January 2008 24 January 2008 Amiad Filtration Systems Ltd. ("Amiad" or "the Company") Trading Update Amiad, a global producer and supplier of water filters and filtration systemsfor the industrial & municipal and the irrigation markets, provides thefollowing trading update for the full year ended 31 December 2007, ahead of itsfull year results announcement which is currently scheduled for 26 March 2008. As stated at the time of the interim results on 30 August 2007, the market forAmiad's products continued to expand throughout 2007 and, accordingly, theCompany increased its sales and marketing effort globally. With greater globalinvestments in water infrastructure, the Company benefited from increasedinvestment in the municipality area (waste water, desalination and potablewater) due to stricter restrictions and regulations being introduced worldwide,as well as solid growth in the irrigation segment. In addition, the Company saw growth in all territories, particularly in Europe,Australia and North America, and sales into East Asia, including China, saw aprominent rise in the second half of the year. Amiad now sells its products inover 70 countries across the Americas, Africa, Europe, Asia and Australasiathrough a network of distributors and its own subsidiaries. The Company also saw growth in all product lines including in its new line ofautomatic microfiber filters. Though not yet a significant part of the business,sales of microfiber filters are growing with projects in Russia, Ireland andAustralia during 2007, and additional projects in the pipeline for 2008 in theFar East, the US, Russia and Eastern Europe. In its 2007 full year results the Company expects to report strong growth inboth revenues and profits although the continued rise in raw material costs andincreasing weakness of the US dollar are putting pressures on margins andfinancial expenses. Revenues for the year ended 31 December 2007 are expectedto be above US $56 million, which represents an increase of at least 27 percent. compared with 2006 and is ahead of current market expectations. Looking ahead, the Company has entered 2008 with a backlog substantially higherthan it did at the corresponding time in 2007. The Company plans to continueincreasing its sales and marketing effort globally and believes that globalinvestment in water filtration and treatment systems will continue to grow,driven by the tightening in environmental and public health standards, as wellas rising demand for clean water, a scarce resource. Consequently, the Company'smanagement believes that Amiad is well positioned to benefit from these trendsand continue to deliver shareholder value. Enquiries: Amiad Avi Heifetz, Chairman +972 4 690 9506 Itamar Eder, CFO Corfin Communications Harry Chathli, Neil Thapar +44 20 7977 0020 This information is provided by RNS The company news service from the London Stock Exchange