Bausch & Lomb, which employs 1,720 people in Waterford, yesterday reported worldwide sales of $477.4 million (€440.7 million)during the fourth quarter of 2002, an increase of $35.5 million or 8 per cent on the corresponding period in 2001.

The company said the performance was powered by gains in the contact lens, pharmaceuticals and lens care product categories. For the full year, Bausch & Lomb reported worldwide sales worth $1.817 billion, up 9 per cent on 2001, including a 1 per cent benefit from currency values.

"I am pleased to report that 2002 was a year of improving operational execution and the beginning of the turnaround in our company, as we promised it would be," said Bausch & Lomb chairman and chief executive Mr Ronald L Zarrella. "We posted solid top and bottom-line growth with improved margins and we are well positioned to continue that momentum into 2003."

Revenues from contact lenses increased by 13 per cent from the fourth quarter of 2001, powered by the company's Europe and Asia regions.

Newer technology lenses continued to generate strong double-digit sales gains in established markets in these regions.