Irish glass and chinaware group Waterford Wedgwood plc announced flat annual pre-tax profits before exceptional items, but said its restructuring and investment in luxury brands would position it well. In 1998, pre-tax profit before exceptional items totalled 40.2m punts (US$57.64m), fractionally up from 40m a year earlier, on group sales of 575.3m, up 37.9% including newly-acquired German unit Rosenthal. The company incurred an exceptional provision of 24.6m punts, down from 27.8m a year earlier, to cover restructuring and other costs. Company officials said Waterford Wedgwood was not expected to make an exceptional provision in the 1999 accounts. By division, the company said its Waterford crystal business boosted sales by 17.8% lst year and operating profits by 40% to 33.1m punts, helped by a strong performance in the US.
