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Waterford Wedgwood: buying back shares

7 October 1998: Anglo-Irish glassware and pottery group Waterford Wedgwood Plc recently announced a 1.09% share buyback of eight million shares for I 4.64 million.
“The consideration was funded from …

7 October 1998: Anglo-Irish glassware and pottery group Waterford Wedgwood Plc recently announced a 1.09% share buyback of eight million shares for I 4.64 million. “The consideration was funded from existing resources,” the company said, adding that it was confident its results for the six months to 30 June “demonstrated the group“s underlying strength and ongoing growth potential”. “The Board believes that the strategy of developing a broad geographical spread of three strong luxury brands, each with potential for further growth, will deliver to shareholders long-term durable value,” it added. The firm has reported pre-tax profits of I 9 million, down from I 10.2 million in the first six months of 1997, but raised its interim dividend to 0.40p from 0.35p. Chairman Tony O“Reilly said the change in market conditions in Asia had moderated growth in 1998, but Waterford Crystal and other improvements would contain the impact.

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