Crystal and china maker Waterford Wedgwood reported a widening of its annual pre-tax loss today and said the first 11 weeks of the year had been challenging.
The company, which has suffered a three-year slump in demand, posted a pre-tax loss of €149.2 million in the year to end-March versus a loss of €45 million previously, with its loss per share widening to 10.5 cents from 4.75 cents.
The company, best known for its Waterford crystal, reported an operating loss of €82.2 million against a profit of €28 million previously; total like-for-like sales for the year were down 6 per cent - as flagged in a profit warning earlier in the year - to €678.6 million.
Chief executive Redmond O'Donoghue described the operating loss as "greatly disappointing" and said the company, which has 40 per cent of its sales revenues in dollars, had faced weakness in the US currency and soft demand for its products.
Mr O'Donoghue said sales in the April-June quarter were likely to be 8 per cent down on the previous year on a like-for-like basis, but that order books were strengthening.
"Therefore, despite the fact that uncertainties remain, an improved sales trend is anticipated for the second half," he said.
Shares in Waterford Wedgwood, which have fallen 62 per cent over the past 12 months, dipped 3.8 percent to €0.051 in early Dublin trade.
Davy Stockbrokers' analyst Joe Burnell noted the upbeat prediction for better second half sales and said results should also benefit from continuing cost savings.
"However, given the scale of last year's losses it is likely to take some time for the group to return to profitability," he said in a note to investors.