Waterford Stanley back in the black

KITCHEN cooker maker Waterford Stanley has moved back into the black after major restructuring of the company.

The firm, which makes about 80% of all cast-iron stoves in Ireland, said it made a profit before tax of €1.9 million in the year to March 31 2004, from a loss of €6.8m the previous year.

Though turnover improved only slightly to €29.3m, it benefited from restructuring, which saw sites in Wexford and Waterford closed. At operating level, the company made a profit of €286,979 from a loss of nearly €3m the previous year. The main contribution to the pre-tax line was the decision by its main shareholder to inject €2.5m in equity and forgive a €5m loan.