Waterford Wedgwood has trimmed losses in its struggling crystal division and said last year's cost cutting drive has put the company on a firmer financial footing.
Net loss on continuing operations was cut by €69.2 million to €188.9 million while sales were 10.4 per cent of last year at €772.6 million as a result of the acquisition of Royal Doulton.
Waterford added in its results statement that in the two months of its fiscal 2007, performance has been "encouraging" with operating profit well ahead of last year
"Fiscal 2006 was a year of unacceptable losses for Waterford Wedgwood. However, we believe our transition back to profitability is gaining momentum given our new and exciting ranges," said group chief executive Peter Cameron.
"The fundamental, group-wide restructuring programme, announced a year ago, is delivering as promised. The planned cost reductions and our new product and marketing initiatives are laying the foundation for an improved sales performance."
Long a fixture of wedding lists and golf prizes Waterford is redesigning its outdated crystal range and repositioning the brand in upmarket stores. Among the lines already launched its Ballet Collection, the Gordon Ramsay range for Royal Doulton and distribution in the US retail chain Bed Bath & Beyond.
Projects in the pipeline include recently signed collaborations with top US fashion designer Marc Jacobs and with Robert Mondavi, one of America's leading wineries.
The company has also reported good early performance in Waterford Connoisseur, the company's premium fine wine stemware collection.