Waterford to double sales in five years, says new president

Waterford Wedgwood, the Irish glassware and ceramics group, yesterday said it had promoted Redmond O'Donoghue to the new post of group president and chief operating officer.

Waterford Wedgwood, the Irish glassware and ceramics group, yesterday said it had promoted Redmond O'Donoghue to the new post of group president and chief operating officer.

Mr O'Donoghue, 57, will have responsibility for all the group's operations worldwide and will report to Dr Tony JF O'Reilly, Waterford's chairman.

Dr O'Reilly said the appointment of Mr O'Donoghue, previously chief executive of Waterford's crystal division, would enable the company "to continue our record of consistent growth", which has seen the group double in size over the past five years, with annual sales approaching $1bn (£700m).

Mr O'Donoghue said he wanted to double the size of the group again over the next five years. "This will be achieved both organically and through the acquisition of other luxury brands, which meet our key criteria," he said.

The group has indicated that it is seeking to expand its portfolio of luxury brands, perhaps by diversifying into areas such as watches and leather goods.

Last month, Waterford posted a pre-tax profit of 18.2m euros (£11m) for the six months to June, up from 13.9m euros a year earlier, on sales up 30 per cent to 447m euros.

John Foley will step up from his role as sales and marketing director at Waterford Crystal to become its new chief executive. Brian Patterson remains as CEO of Wedgwood, the group's other main operating arm. Dr O'Reilly is also chairman of Independent News & Media, publisher of The Independent.