Crystal and china maker Waterford Wedgwood told shareholders today that it had seen no immediate improvement in trading conditions, but said that it expected to meet market forecasts for the year.
'The actions we took last year combined with recent initiatives, will, we believe, allow us to meet market expectations for the year,' Chairman Tony O'Reilly told the company's AGM.
He said the company was starting an aggressive campaign to increase ownership of its shares amongst European and particularly American institutions. O'Reilly notes that whilst the company makes around half its sales in the US, only 17% of its shares are held there.
He said a restructuring programme initiated at Waterford late last year would help the group weather what he described as the 'most uncertain economic period we've experienced for decades'.
O'Reilly also said the group planned to expand into profitable new sectors to add to its range of luxury crystal ware, ceramics, lines and upmarket cooking utensils.
Waterford Wedgewood shares closed up 2 cent at 52 cent, a gain of 4%.
