Waterford Wedgewood has reported a loss before tax of €12.1m for the six months to September, compared with a profit of €24.5m a year earlier.
First half Group sales totalled €405.8 million - down 3.7 per cent at constant exchange rates and 13.9 per cent at prevailing exchange rates. First-quarter sales were also down 9 per cent, with second quarter sales equal to last year.
But in this morning's figures, the company said that in September alone the sales were 3 per cent up on last year with October sales up 3 per cent as well.
In the United States, which accounts for over 50 per cent of our worldwide business, combined Waterford and Wedgwood sales were up 8 per cent on the same period last year having been down by 12 per cent in the April to June quarter.
The company is planning to raise €38.5 million through a three-for-eleven rights issue to help it reduce its debt, it announced this morning. It will sell the 213 million shares at 18 per cent each, 38 per cent below yesterday's closing price.
Company chairman Sir Anthony O' Reilly said the company's performance was encouraging. "We are pleased with the reversal of the first quarter performance to produce operating profit of €16.1 million in the second quarter," Sir Anthony said. "Like virtually all luxury goods businesses, we experienced a very challenging first quarter.
"During the first half of this year, we continued to focus on our fixed cost base by implementing important restructuring and outsourcing programmes and by investing in cost saving technology. "
He added that he believed the company was now in a position to take advantage of the upturn in economic activity.