Crystal and china maker Waterford Wedgwood predicted a profitable future today after its pretax loss more than halved in the year to the end of March.
Full-year sales at the company, controlled by Anthony O'Reilly and his brother in-law, fell 4.0 per cent to €741.5 million.
Stripping out the impact of currency fluctuations the drop was 1.5 per cent. A cost-cutting programme at the maker of luxury tableware meant its pretax loss narrowed, however, falling to €70.8 million from €189.4 million a year earlier.
The group, which has been struggling to cope with a prolonged slump in demand, noted a recent improvement, saying that orders on June 1st stood at €66 million - €15 million more than at the same point in 2006.
Proceeds from a recent share issue should help the company translate that demand into a "continuing improvement in sales and profit performance" in the coming year, it said.
"We are confident that the improvements made in the last 12 months will continue and look forward to a profitable future for Waterford Wedgwood," chief executive Peter Cameron said in a statement.