Giftware group Waterford Wedgwood expects to return to sales growth in the final quarter of the year.

In a statement issued yesterday, the company said it continued to have a "very strong" order book. "With funds from the open offer of preference shares now becoming available to provide increased working capital and support for marketing initiatives, it is expected that the group's backlog of orders can be addressed and that the group will return to year-on-year sales growth during the all-important September to December Christmas period," the company said. The open offer was completed last month.

Shareholders, including directors Sir Anthony O'Reilly and Peter Goulandris, subscribed for about 68 per cent of the almost 10 million preference shares offered in the company. The balance, 3.2 million shares, was acquired by the underwriter of the offer, Birchfield, a company owned by Sir Anthony and Mr Goulandris.

The exercise raised the €100 million targeted by the company before expenses. Apart from boosting the marketing and working capital requirements of the group, the fund-raising was also earmarked to fund job cuts.

Announcing a return to profit before interest charges, tax, depreciation and amortisation for the 12 months to March last, chief executive Peter Cameron said in June that achieving an operating profit in the current financial year was a "reasonable goal".