Sun, 04 Jun 2023

DUBLIN, Ireland: After running at a loss during the Covid shutdown of the country, Ireland's world renowned Waterford Crystal company is reporting a profit in its most recent financial disclosure.

Waterford was established in 1783.

The latest reporting shows Waterford Crystal returning to profitability in 2021, with pre-tax profits of 788,000 euros.

In 2020, Waterford suffered a pre-tax loss of 516,000 euros. The 2021 profits, however, included 'other operating income' of 2.55m euros in Covid-19 wage subsidy payments and a tourism grant of 363,000 euros.

Still, company officials remain cautious, noting ongoing challenges caused by supply chain issues that resulted in shortages of raw materials needed to manufacture crystal.

Further, inflation following the war in Ukraine is weighing heavily on Waterford sales.

The report noted that Waterford "is taking pricing actions to mitigate the raw material, transport and energy price inflation but these will take time to implement."

Today, House of Waterford Crystal in Waterford City is among the top-visited tourist sites in Ireland.

It is both a manufacturing and museum site, as well as a retail facility.

Company officials recently said that when the impact of Covid was understood, Waterford moved quickly by reducing operating costs and boosting its e-commerce business.

Still, the report notes, that "the continuing lack of tourist trade following the pandemic means that the retail business is still operating at considerably below pre-pandemic levels".

In 2021, Waterford reported having 139 employees. Also, the payroll increased in 2021 from 5.44m euros to 6.2m euros.

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

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