FITZWILTON has never been better placed to benefit its shareholders as it moves towards the millennium, the deputy chairman, Mr Kevin McGoran, told shareholders at yesterday's annual general meeting.

He said the joint Venture with Safeway, the major investment in Waterford Wedgwood, and the potential of Rennicks showed the "capability of the group to make further investments".

Fitzwilton would more than recover its investment in Wellworth, following the 50 per cent joint venture with Safeway.

Shareholders were given a 10 minutes video presentation of the Safeway deal.

Referring to that deal, the sale of 2l Wellworths stores to Musgrave and the increased investment in Waterford Wedgwood, Mr McGoran - who was acting for Dr Tony O'Reilly (he was otherwise involved in announcing the takeover of John West Foods by Heinz) said these deals would more than double the group's net assets and reduce its debt by half.

Replying to a question about the Fitzwilton share price, he said it had to be put in perspective. Taking dividends into account, shareholders would have shown an annual return of 14 per cent over the past three years.

Asked about the prospect of having a woman on the board, Mr McGoran said this was receiving the attention of the board.

The shareholders agreed to the appointment of Mr Lewis Glucksman as a non executive director. He had been proposed in the annual report, circulated to shareholders last month.

Mr Glucksman, chairman of Smith Barney, a Wall Street investment bank, is on the advisory committee of the National Treasury Management Agency and is on the executive board of the Dublin Docklands Development Authority.