Luxury goods group Waterford Wedgwood has reported an improved financial performance for its first half to the end of September.
Losses before tax narrowed to €20.7m from €94.5m in the same period last year. Operating profits were €4.9m, compared with a loss of €69.4m a year earlier. This included exceptional gains of €18.8m from pension curtailment and the sale of property.
The company said its sales decline was 'largely arrested', though sales were down 1.6% to €352.5m. It said there was a continuing improvement in performance in October and November.
Chief executive Peter Cameron said he was particularly pleased by strong sales of Waterford Crystal in the US, saying there was an annual increase of 22% in the month of September. The crystal division made a profit of €7.7m in the first half, after a loss of €11.4m a year earlier. Sales were almost flat at €98.5m.
Waterford said it was seeing the benefits of a restructuring announced in May last year, which involved cutting 2,200 jobs, and moves to update its brands through new designs.
Ceramics profits were €3.1m after a loss of €53.4m a year ago. Sales were down 3% at €234.5m.
Shares in the company closed 1.3% higher in Dublin this evening.
