Troubled ceramics and crystal company Waterford Wedgwood has reported pre-tax losses of €94.5m for the six months to the end of September, a figure which was almost unchanged compared with the same period last year.
In July, the company announced 485 redundancies in Dungarvan and Waterford.
Sales from its continuing businesses were up 11% at €362.5m, but this was boosted by the acquisition of china maker Royal Doulton. This meant that sales in the ceramics division rose by 27%, but Waterford Crystal sales dropped from €113m to just under €100m. Total underlying sales were down 7%, however.
The group announced that it had negotiated a new four and a half year banking facility of €250m with a group of banks. This will replace its current banking arrangements.
Chief executive Peter Cameron said the company was in transition, and its restructuring programme would 'change the business fundamentally'. But the company said it would be next year before the major impact of its changes would be felt.
Operating losses before exceptional items were €36.8m, with the company still affected by weak demand and a relatively weak dollar exchange rate. An exceptional loss of €62.9m related to its restructuring programme, though this was partly offset by property gains.
Waterford said there should be some improvement in its results in the second half, but trading remained challenging and the sales performance in the first two months in the second half had been similar to the first six months.
Waterford Wedgwood shares closed over 5% lower in Dublin this evening.
