Waterford Wedgwood plc: Interim Results for the Six Months Ended September 30, 2002


DUBLIN, Ireland, Nov. 13, 2002 (PRIMEZONE) -- Waterford Wedgwood plc (Nasdaq:WATFZ) (LSE:WTFU):


                    Six months to 30            Six months to 30   
                     September 2002              September 2001    
  
                     Euro $million               Euro $million  
  
  Sales -- total        471.2                        493.1              
   -- crystal           158.9                        178.7              
   -- ceramics          211.1                        236.1              
   -- cookware/other    101.2                         78.3               

  Operating              40.6                         28.8               
  profit(a)                                                            
  
  Pretax profit          39.2                         11.8               
  Debt                  402.1                        456.6              
  
  Earnings per           3.12 cents                   2.22 cents         
  share(a)               4.50 cents                   1.80 cents         
  Earnings per                                                       
  share                                                              
  
  Dividend per            0.7 cents                    0.7 cents          
  share                                                                  

(a) pre profit on sale of fixed asset, goodwill amortisation and gain 
    arising on conversion of $ loans

 -- Sales at Euro $471.2 million, equal to prior year at constant exchange
    rates, despite difficult trading conditions; down 4.6% at prevailing
    rates (2001: Euro $493.1 million)

 -- Operating profit Euro $40.6 million -- up over 40%

 -- Operating margin improved 2.8 percentage points to 8.6%

 -- Inventory reduced by almost Euro $40 million -- commitment to further 
    reduction

 -- Net debt reduced by nearly Euro $55 million to Euro $402.1 million -- 
    further improvement expected

 -- Cookware/other performing strongly -- sales up almost 30% to
    Euro $101.2 million

 -- Acquisitions of Cash's and Shannon Mail Order have broadened
    distribution in U.S. market

 -- Proposed dividend of 0.7 cents, equal to prior year
    (2001: 0.7 cents)

 -- Sales for September October up 6% on prior year

"Waterford Wedgwood has performed extremely well in the period, with significant improvement in profitability and cash flow. Our commitment to reduction in debt and inventory is beginning to show benefits and we will continue to ensure that this remains a priority.

"Our brands continue to perform strongly despite continuing difficult market conditions. We are encouraged that in the September-October period our sales were up 6%.

"We are optimistic that ongoing margin improvements, combined with the new energy we will derive from fresh product introductions, new distribution and our recent acquisitions, will produce continued growth."

Sir Anthony O'ReillyChairmanNovember 13, 2002

Dublin: an analyst presentation will be held at 8:00 a.m. on Wednesday, November 13, 2002 at The Merrion Hotel.

London: an analyst presentation will be held at 12:00 p.m. at College Hill Associates, 78 Cannon Street, on Thursday, November 14, 2002.

For full Interim report please use the following link: http://reports.huginonline.com/881291/110339.pdf



            

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