Amiad Water Systems Ltd. (AFS), an Israeli water-filtration producer whose shares trade in London, fell the most in three years after warning of municipal and industrial project delays amid a slowdown in the U.S. and India.
“As a result, the company expects full-year 2013 revenue to be in the range of $115 million to $120 million and net profit to be in the range of $4 million to $6 million,” Amiad said today in a trading statement. First-half revenue declined almost 7 percent to $61.7 million due to European and U.S. market conditions, it said last month.
The stock of the water-treatment company slid as much as 14 percent intraday, the most since June 2010, and traded at 281 pence at 2 p.m. in London, its lowest in 18 months.
Last April the company reported revenue rose 12 percent to $131.1 million from a year earlier, aided by contracts for seawater reverse-osmosis and pre-filtration membrane protection in oil and gas in Australia. The AIM-listed company was founded more than a half-century ago at an Israeli kibbutz.
To contact the reporter on this story: Randall Hackley in London at email@example.com
To contact the editor responsible for this story: Randall Hackley at firstname.lastname@example.org