Shares in Waterford Wedgwood fell by over 18 per cent today on the Irish Stock Exchange after the luxury goods group reported a 6.6 per cent fall in pre tax profits.
Earnings per share fell 5.4 per cent to 2.12 cents.
Waterford also gave a cautious outlook for the remainder of the year. The company said in its results statement this morning that trading conditions in its key US market had deteriorated in the first half of the year.
It added that should the economic environment worsen during the balance of the year, appropriate action will be taken to protect ongoing profitability.
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Waterford’s chairman Sir Anthony O’Reilly said the group had performed "admirably" against the backdrop of difficult trading, particularly in the US.