The company which owns the Waterford Crystal brand paid out a dividend of €12.5 million in November 2021.
That is according to new accounts for WWRD Ireland Ltd which show that the company recorded a pre-tax loss of €516,000 in 2020.
This followed revenues halving to €8.29 million amid the pandemic. The pre-tax loss in 2020 followed a pre-tax profit of €10.2 million in 2019.
In 2020, the firm used Government Covid-19 wage supports of €1.69 million. At the end of the year, the company had accumulated profits of €15.69 million. The directors state that subsequent to year end, the firm achieved a rent reduction of €187,500 in relation to amounts due.
The company operates one of the most visited tourist attractions in Ireland – a combined visitor experience, retail and manufacturing facility at House of Waterford in Waterford city.
The directors state that the Covid-19 pandemic and consequent Government restrictions “significantly impacted the company’s business”.
They state that during the Covid-19 impact on the business “significant ongoing cost reductions have been achieved” and financial support has been received through the Government’s Covid-19 wage supports “allowed the the company to maintain the majority of its workforce and subsidise its cost base, pending the return to normal levels of activity”.
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.
Numbers employed decreased from 160 to 138 in 2020 with 75 employed in distribution, sales and marketing, 61 in production and two in administration.
Staff costs reduced from €6.89 million to €5.44 million.
In 2020, sales in Ireland accounted for €3.08 million with €5.2 million in Europe. The sales were a mix of wholesale sales of €6 million and retail sales of €2.12m.
The directors state that “going forward the company intends to continue to build the business based on introducing contemporary ranges, new product initiatives and expansion across luxury home and lifestyle categories”.
The company is a subsidiary of Finland based group, Fiskars Oyj Abp.
The Waterford based business had previously been controlled by Sir Anthony O’Reilly and his brother-in-law Peter Goulandris.
