Luxury goods group Waterford Wedgwood has reported pre-tax losses of €149m for the year to the end of March, as it suffered a 12% drop in total sales to €732.6m.
When the effect of currency movements - mainly the weaker dollar - was stripped out, sales were 6% lower, in line with figures already given by the group.
Operating losses before goodwill and once-off items were €82.2m, against a €28.4m profit the previous year. Waterford reduced its debt level to more than €100m to €279.4m.
The company said trading in the first weeks of the current financial year remained 'challenging', with sales in the first quarter likely to be down around 8%, but it was encouraged by the rally in the US dollar and some recent contract wins. 40% of the group's sales are in dollars.
The company added that it was in talks with a well known US designer on an alliance with Waterford Crystal along the lines of the collaboration with John Rocha in Ireland and the UK.
A breakdown showed that Waterford Crystal sales were down 8% without currency movements, while the division lost €20.6m. The ceramics division, including Wedgwood and Rosenthal, lost €50m, as sales fell 5%.
In May, Waterford announced a €90m restructuring programme which will see its Dungarvan plant close with the loss of 395 jobs and 1,800 jobs lost across the group.
Shares in Waterford Wedgwood were down almost 2% in Dublin this evening.
