Waterford Crystal’s parent makes sparkling €1.1m profit

The company that owns the Waterford Crystal brand increased its profits by 57 per cent last year in spite of booking redundancy and other once-off costs.

Latest accounts for WWRD Ireland Ltd show that its pretax profit for the 53 weeks to April 5th, 2014, rose to €1.1 million from €700,000 a year earlier.

Its revenues grew by 13 per cent to €71.8 million while its Ebitda (earnings before interest, tax, depreciation and amortisation) amounted to €3.6 million.

The company booked €184,000 in redundancy and reorganisation costs during the year but paid no tax due to previously unrecognised tax losses.

“Looking forward, the company is planning to continue to re-energise its brands and further develop new business initiatives, whilst continuing to focus on operational excellence and to reduce its operating costs and utilisation of working capital,” the directors’ report states.

Brand portfolio

WWRD’s portfolio of brands includes Waterford Crystal, Royal Doulton and Royal Albert and it employs 3,600 staff globally, including 126 in Ireland.

It is owned KPS Capital Partners, which acquired Waterford Wedgwood in March 2009 from the company’s receivers and put the various brands into a holding company called WWRD.

Waterford Wedgwood had previously been controlled by Sir Anthony O'Reilly and his brother-in-law Peter Goulandris.

About 50,000 high-end pieces of crystal are made each year in the company’s manufacturing facility in Waterford, where it also runs factory tours.

Reports last month suggested that WWRD is set to change hands after Goldman Sachs was appointed to find a buyer. A price tag of €650 million was mooted.