The company behind the Waterford Crystal brand returned to profit in 2021 to record pre-tax profits of €788,000.
This followed revenues at WWRD Ireland Ltd increasing by 11% from €8.29m to €9.22m.
The pre-tax profit of €788,000 in 2021 followed a pre-tax loss of €516,000 in 2020.
The business in 2021 also benefited from "other operating income" of €2.9m made up of €2.55m in Covid-19 wage subsidy payments and a tourism grant of €363,000.
The directors caution that since February 2022, there have been significant challenges in global supply chains and accelerated broad based input cost inflation driven both by the war in Ukraine and Covid-19 related disruptions in China.
According to the accounts, the company "is taking pricing actions to mitigate the raw material, transport and energy price inflation - but these will take time to implement".
The directors state that the financial support provided by the Covid-19 wage subsidy scheme was phased out commenced February 1, 2022 and has now ceased.
The company operates one of the most visited tourist attractions in Ireland - a combined visitor experience, retail and manufacturing facility at House of Waterford in Waterford city.
The directors state that "going forward the company intends to continue to build the business based on introducing contemporary ranges, new product initiatives and expansion across luxury home and lifestyle categories".
They state that the firm aims to increase focus on giftware, targeting premium channels "and enhancing our omni-channel customer experience across our different touch-points for luxury experiences".
In response to Covid-19, the directors said that the company took quick and decisive actions to lessen the negative impact on operations by reducing operating costs and supporting the e-commerce business.
They state that good progress was made in reducing operating losses "although the continuing lack of tourist trade following the pandemic means that the retail business is still operating at considerably below pre-pandemic levels".
Numbers employed increased by one to 139 in 2021 with 74 employed in distribution, sales and marketing, 63 in production and two in administration.
Staff costs increased from €5.44m to €6.2m.
At the end of 2021, the company's accumulated profits reduced to €3.9m after the dividend payout.
The company is a subsidiary of Finland based group, Fiskars Oyj Abp. Fiskars is a leading worldwide provider of luxury homes, outdoor living and lifestyle products.
Some of the other brands owned by the Fiskars Group include Wedgwood, Royal Doulton and Royal Albert.
The Waterford based business had previously been controlled by Sir Anthony O'Reilly and his brother-in-law Peter Goulandris.
Waterford Crystal was first established in 1783 on land adjacent to Merchants' Quay in Waterford, just minutes from the present-day House of Waterford Crystal.
At the House of Waterford, visitors on the guided tour can witness how Waterford Crystal pieces are crafted, from initial design right up to the final engraving.
At the site, the company's 12,000 square feet retail space houses the largest collection of Waterford Crystal in the world.
Reporting by Gordon Deegan
