Waterford in the clear

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The Independent Online
WATERFORD Wedgwood, the luxury products manufacturer, returned to the black in 1993, recording profits of Ir pounds 10.1m ( pounds 9.8m) before tax against an Ir pounds 17m loss the previous year, writes John Murray.

Most of the improvement came from a radical restructuring at Waterford Glass, where the workforce has been cut by a third and wage cuts were introduced. The 1992 results were struck after a pounds 16.6m restructuring charge.

Operating profits were 80 per cent higher at Ir pounds 16.5m. Waterford contributed most of the rise, with Wedgwood profits remaining flat. Richard Barnes, group finance director, said the improvement at Waterford had come both from operational savings and stronger sales.

There is no dividend but Tony O'Reilly, chairman, hinted that the group would return to the dividend list this year.