Waterford Crystal holding company records pretax profit of €788,000

Waterford Crystal’s holding company recorded a pretax profit of €788,000 in 2021.

Revenues at the company, WWRD Ireland Ltd, increased by 11 per cent from €8.29 million to €9.22 million.

The pretax profit of €788,000 in 2021 followed a pretax loss of €516,000 in 2020.

The business in 2021 also benefited from “other operating income” of €2.9 million, made up of €2.55 million in Covid-19 wage subsidy payments and a tourism grant of €363,000.

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In a note with the accounts, the directors cautioned that since February 2022 there have been significant challenges in global supply chains and accelerated broad-based input cost inflation, driven by the war in Ukraine and Covid-19 related disruptions in China.

The accounts disclosed that the company “is taking pricing actions to mitigate the raw material, transport and energy price inflation ... but these will take time to implement”.

The note said that the financial support provided by the Covid-19 wage subsidy scheme was phased out, commencing February 1st 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 Crystal in Waterford city.

The accounts said 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”.

The note said that in response to Covid-19 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, as staff costs increased from €5.44 million to €6.2 million.

At the end of 2021, the company’s accumulated profits reduced to €3.9 million 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.