Waterford Wedgwood reports loss of €149m

WATERFORD WEDGWOOD'S woes continued yesterday as the luxury goods group reported rocketing pre-tax losses of €149 million for the year to March.

This compared with losses of €45m the previous year and was driven by a 12% fall in sales revenue. The company was squeezed by lower demand and a sliding dollar and had flagged the poor sales figures in a recent profit warning.

Chief executive Redmond O'Donoghue said the year had been difficult for Waterford shareholders and staff but added that the group would recover.