Waterford Wedgwood wary over US market

Waterford Wedgwood, the Irish ceramics and crystalware business, yesterday cautioned it was keeping a close eye on trading given the current economic environment and in the wake of Tuesday's disaster in New York.

Redmond O'Donoghue, president and chief operating officer, said: "It's very difficult to know what's going to happen after yesterday's events. I think everybody is in a state of suspended animation and obviously the next few weeks will be very difficult for all businesses."

The company, which gained around 40 per cent of sales from the US in the first half, said conditions had already weakened there in July and August. It said action would be taken should trading deteriorate. Mr O'Donoghue said: "September, October, November and December are very important months as we're into the gift season with Thanksgiving and Christmas. Obviously there's all to play for. After the events of yesterday, it's difficult to say [what will happen] and we'll have to keep a close eye on it."

In the six months ended 30 June, Waterford Wedgwood's pre-tax profits slipped to 14m euros (£8.6m) from 15.5m euros while sales climbed to 462.3m euros from 447m euros last year. A 13.2 per cent increase in ceramic sales, including a solid performance from its Hutschenreuther-branded pro-ducts, helped offset an 8.7 per cent fall in crystal sales, which were hit by an expected drop-off in its Millennium range. Sales of cookware and other products grew 6 per cent.