DESPITE the cornucopia of public company results which flowed over the market this week, pride of place must go to crystal and china group Waterford Wedgwood, which, in the 50th year of its existence, continues to recover strongly with steady growth in both revenue and profits. The group detailed further progress in its past financial year, preliminary figures showing a 24 per cent growth in group pre tax profits to just under £35 million.

Five years ago, Waterford Wedgwood wad in dire financial straits before an investment consortium headed by the omnipresent Dr Tony O'Reilly moved in with the requisite cash. The group has since turned itself around through cost savings and astute new product marketing. Despite its advancing years, corporate does not necessarily mean corpulent and the group has shed much excess weight and now looks fit and lean. The core divisions of crystal and china performed much as expected last year with improvements in operating margins. Waterford Crystal's operating profits rose 16 per cent to £18 million - the highest ever - with sales up 18 per cent to £153 million. Waterford now claims a 40 per cent share of the lucrative US market, making it the leader in its sector.

The Wedgwood china side carved out a 20 per cent increase in operating profits to £22 million, a considerable achievement given the marginal growth in turnover at £229 million. In Japan, Wedgwood had its best ever year with 17 per cent growth and is now the number one imported brand.

Group chairman Dr O'Reilly has already set out a motivational "chairman's challenge" with the objective of elevating turnover to around £700 million by the end of the century, a target now well within reach.

All in all just cause for a puffing out of corporate chests in modest celebration, such quiet satisfaction given added piquancy with the original Waterford Glass Company commemorating 50 years in existence today, March 29th. Founded in 1947, this glass producing enterprise created high quality glassware, which became an internationally recognised national product, as synonymous with Ireland as the shamrock, Guinness and the Sweepstake ticket.

So, forget the year 2000, symbolically charge up some of those big selling "Millennium Toasting Flutes"(170,000 already snapped up last year by far sighted revellers) and drink to group prosperity continuing well into the next century.