The UK-Irish group Waterford Wedgwood reported a 7% rise in group sales to I 174.9 million for the six months to 30 June 1997. Thanks to strong performance by its crystal brands, pre-tax profits for …
The UK-Irish group Waterford Wedgwood reported a 7% rise in group sales to I 174.9 million for the six months to 30 June 1997. Thanks to strong performance by its crystal brands, pre-tax profits for the period also went up by more than 7% from I 9.5 million to I 10.2 million. The interim dividend went up to I 0.35 from I 0.3. The strong results at Waterford, the crystal products branch, offset a decline in profits at Wedgwood, the china business. The latter was hit by a fall in spending by Japanese tourists because of the weak yen. Sales at Waterford rose 14% to I 70.3 million while operating profits increased by 31% to I 6.7 million. Sales in the US, which account for two-thirds of Waterford“s turnover, rose 16% thanks to product launches. Strong demand in the UK and Japan also supported growth. One new product, a range of Rocha-designed glass stemware, was introduced on the markets in July with anticipated sales of I 500,000 in the Republic of Ireland for this year. However, demand has been so great that the target has been doubled to I1 million, according to Mr. Redmond O“Donoghue, CEO. Recently, the range was to have been introduced to Britain at a function in London. This was postponed for about 10 days, however, because of the death of Diana, Princess of Wales. The stemware will be later promoted in the US. Mr. Tony O“Reilly, the Chairman of the company, said that the German china manufacturer, Rosenthal AG, in which Waterford Wedgwood now has a 26.2% stake, cut its losses to DM 7.8 million over the six month period. The company recorded losses of DM 10.7 million for the first-half of last year. He said he believed that Rosenthal would play an important role in the future development of the group. The Chairman also said that Waterford Wedgwood is planning expansion in Malaysia, Thailand, Indonesia and Korea.