Waterford Crystal returns to profit

Directors note global supply chain challenges and accelerated input cost inflation

Revenues at WWRD Ireland Ltd increased by 11% from €8.29m to €9.22m.

The company behind the Waterford Crystal brand returned to profit in 2021 to record pre-tax profits of €788,000.

This followed revenues at WWRD Ireland Ltd increasing by 11% from €8.29m to €9.22m.

The pre-tax profit of €788,000 in 2021 followed a pre-tax loss of €516,000 in 2020. The business in 2021 also benefited from ‘other operating income’ of €2.9m made up of €2.55m in covid-19 wage subsidy payments and a tourism grant of €363,000.

The directors caution that since February 2022, there have been significant challenges in global supply chains and accelerated broad-based input cost inflation driven both by the war in Ukraine and covid-related disruptions in China.

The accounts disclose that the company “is taking pricing actions to mitigate the raw material, transport and energy price inflation… but these will take time to implement”.

Tourist attraction

The company operates one of the most visited tourist attractions in Ireland — a combined visitor experience and retail and manufacturing facility at House of Waterford Crystal in Waterford City.

The directors state that in response to covid-19, the company took quick and decisive actions to lessen the negative impact on operations by reducing operating costs and supporting the e-commerce business.

They state that good progress was made in reducing operating losses “although the continuing lack of tourist trade following the pandemic means that the retail business is still operating at considerably below pre-pandemic levels”.

Numbers employed increased by one to 139 in 2021 with 74 employed in distribution, sales and marketing, 63 in production, and two in administration. Staff costs increased from €5.44m to €6.2m. 

At the end of 2021, the company’s accumulated profits reduced to €3.9m after the dividend payout.

The company is a subsidiary of Finland-based group Fiskars Oyj Abp. 

The Waterford-based business had previously been controlled by Anthony O’Reilly and his brother-in-law Peter Goulandris.

Waterford Crystal was established in 1783 on land adjacent to Merchants' Quay in Waterford, close to the present-day House of Waterford Crystal.