BRIEF BUSINESS STORIES

Hickson International has plunged from profits of pounds 19.2m to a pounds 43.3m loss in 1995. The restructuring initiated by new chairman James Hann cost pounds 20.3m, pounds 7.5m higher than expected in November's profits warning due to the costs of renegotiating borrowing facilities after Hickson breached an interest cover covenant.

Zotefoams warned that a stock overhang at its largest customer would hit first half profits. The shares crashed 60p to 279p. Analysts downgraded profit forecasts for this year and next by around pounds 1m, taking them to around pounds 7.5m for 1996 and pounds 9.5m for 1997.

Cliveden, the Berkshire hotel and country club owner, which also owns a 25 bedroom hotel in London, priced its forthcoming flotation at 73p a share yesterday, putting a pounds 24.7m value on the whole company. Dealings are expected to begin on April 11. Cliveden plans to raise pounds 7.4m from the float, which follows the recent market debut of Macdonald Hotels and precedes the upcoming listing of Millenium & Copthorne Hotels.

Waterford Wedgwood announced record profit before tax of IRpounds 28.1m in 1995, the third successive year of profit growth and a period described by chairman Tony O'Reilly as "an important milestone on the road to excellence in global branding". Sales of Waterford and Wedgwood products rose 13 and 14 per cent respectively.