DUBLIN, Ireland, Nov. 13, 2002 (PRIMEZONE) -- Waterford Wedgwood plc (Nasdaq:WATFZ) (LSE:WTFU):
Six months to 30 Six months to 30
September 2002 September 2001
Euro $million Euro $million
Sales -- total 471.2 493.1
-- crystal 158.9 178.7
-- ceramics 211.1 236.1
-- cookware/other 101.2 78.3
Operating 40.6 28.8
profit(a)
Pretax profit 39.2 11.8
Debt 402.1 456.6
Earnings per 3.12 cents 2.22 cents
share(a) 4.50 cents 1.80 cents
Earnings per
share
Dividend per 0.7 cents 0.7 cents
share
(a) pre profit on sale of fixed asset, goodwill amortisation and gain
arising on conversion of $ loans
-- Sales at Euro $471.2 million, equal to prior year at constant exchange
rates, despite difficult trading conditions; down 4.6% at prevailing
rates (2001: Euro $493.1 million)
-- Operating profit Euro $40.6 million -- up over 40%
-- Operating margin improved 2.8 percentage points to 8.6%
-- Inventory reduced by almost Euro $40 million -- commitment to further
reduction
-- Net debt reduced by nearly Euro $55 million to Euro $402.1 million --
further improvement expected
-- Cookware/other performing strongly -- sales up almost 30% to
Euro $101.2 million
-- Acquisitions of Cash's and Shannon Mail Order have broadened
distribution in U.S. market
-- Proposed dividend of 0.7 cents, equal to prior year
(2001: 0.7 cents)
-- Sales for September October up 6% on prior year
"Waterford Wedgwood has performed extremely well in the period, with significant improvement in profitability and cash flow. Our commitment to reduction in debt and inventory is beginning to show benefits and we will continue to ensure that this remains a priority.
"Our brands continue to perform strongly despite continuing difficult market conditions. We are encouraged that in the September-October period our sales were up 6%.
"We are optimistic that ongoing margin improvements, combined with the new energy we will derive from fresh product introductions, new distribution and our recent acquisitions, will produce continued growth."
Sir Anthony O'ReillyChairmanNovember 13, 2002
Dublin: an analyst presentation will be held at 8:00 a.m. on Wednesday, November 13, 2002 at The Merrion Hotel.
London: an analyst presentation will be held at 12:00 p.m. at College Hill Associates, 78 Cannon Street, on Thursday, November 14, 2002.
For full Interim report please use the following link: http://reports.huginonline.com/881291/110339.pdf