Group targets 10% sales increase in first year

THE rebranded Waterford Wedgwood group is targeting a 10% increase in sales in its upcoming financial year, following 12 months of production declines since coming out of receivership.

The luxury tableware goods group – now called WWRD Group Holdings and incorporating the Waterford Crystal, Wedgwood and Royal Doulton brands – went into receivership in January of last year before being acquired by US-based private equity firm KPS Capital Partners for an undisclosed sum.

Speaking yesterday about the group’s immediate growth plans, WWRD chief executive Pierre de Villemejane said that while no big pick-up in the sale of luxury goods can be expected for at least another 12 months, mainly on account of the still struggling global economy, the group should see sales pick up in its next financial year, which begins at the beginning of May.

Mr de Villemejane said that in the first eight months of WWRD’s current financial year, up to the end of December, sales had fallen by 25% on a year-on-year basis. However, he added that the company did actually return to profitability in that time, thanks mainly to lowering spend and falling costs. The business hadn’t generated a profit in the preceding five years.

While a 25% positive bounce in group sales is unlikely, WWRD management said that a 10% pick-up in its next financial year is possible.

Mr de Villemejane said that there now exists the capability to continue to invest in the business and to grow its brands worldwide. He added that the overall business could grow further through bolt-on acquisitions.