Luxury goods group Waterford Wedgwood has slashed its annual losses despite another drop in sales.
The company reported pre-tax losses of €70.8m for the year to the end of March, compared with €189.4m in the previous year. But total sales dropped by 4% to €741.5m, though the company says that the fall was just 1.5% after currency movements were stripped out.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were €15m, the first time this figure has been positive for three years.
Waterford said demands for its products was strong, with total orders of €66m as of June 1, up €15m on last year.
Chief executive Peter Cameron said that while more progress was needed, the company was 'satisfied and encouraged' by the improvement.
Waterford earlier this year announced a €100m open offer of preference shares to fund further restructuring measures. Shareholders have also approved a further possible placing of €100m. Waterford said it had been preparing a new cost-cutting programme, but its implementation would depend on the amounts raised by the share placing.
A breakdown of the results showed that Waterford Crystal recorded an operating profit of €12.3m after a loss of €12.3m last year, with sales of €199.4m. Sales were down 3%, but up 1% after currency changes were stripped out.
Ceramics losses were more than halved to €18m on 5% lower sales of €501.5m.
