Tuesday, September 16, 2008

Amiad announces rise in profits due to growing demand for clean water

Growing demand for water filtration products have boosted revenues and profits at Israel-based Amiad Filtration Systems.

Pre-tax profits rose from $3.6m to $5.4m (£3m) for the six months to June 30 as turnover increased from $27.4m to $39m, according to a statement by the company.

Amiad makes filters to remove pollutants, used by heavy and extractive industries such as mining, and by municipal water treatment plants and irrigation systems.

Rami Treger, CEO, said Amiad was benefiting from rising global demand for clean water, driven by population increases and rising prosperity, coupled with problems of supply exacerbated by climate change and pollution.

"[We] anticipated an increase in global water investment and increased sales and marketing efforts accordingly, resulting in increased trading in all main parts of the business."

Amiad's shares, listed on the London Stock Exchange, have risen more than 60 per cent over the past year.