Waterford sales to be 9% lower

Monday 17 November 2008 18.19
Waterford Wedgwood - Issues trading update
Waterford Wedgwood - Issues trading update

Waterford Wedgwood has said it expects revenue to be down 6%, and sales to be down 9%, in the half year to October 2008.

In a trading update today, the company said that trading slowed in August and September, 'reflecting the increasingly difficult economic environment the world over'.

While Wedgwood said that its second quarter sales are about 4% ahead of 2007's second quarter, and its half year sales are about 7% ahead, Waterford's sales were down.

Waterford's half year sales were 9% lower than the same period last year.

Royal Doulton showed improvement in its half year EBITDA, but sales were still 18% lower.

Rosenthal's half year sales were 6% lower and Spring Switzerland's sales were 5% higher.

'In the face of today's particularly challenging market conditions, Waterford Wedgwood is generally outperforming its competition,' the trading statement said. It noted that recent currency movement, particularly in the US dollar and Japanese yen, have been in the company's favour.

The group expects full year sales to be in the region of €615m.

Waterford Wedgwood also announced that the placing of the balance in its equity issue is not likely to be completed by the target date of November 30.

The company, which trades on both Dublin's ISEQ and the London Stock Exchange, plans to delist from the London Stock Exchange in December.

Waterford Wedgwood shares closed at 0.002 cent on Dublin's ISEQ this afternoon, up from 0.001 cent yesterday, for a 100% gain in value.