The Waterford Wedgwood annual review is always a lavish affair and this year's review was no exception. Lavishly illustrated with pictures of models, some scantily clad and posing with cigars and saucepans, it includes a foreword by its chairman, Dr Tony O'Reilly, whom it refers to as Sir Anthony.

He reminds readers that in last year's annual report he said strong premium global brands - while positioned to take advantage of the Internet where appropriate - would represent real value "long after many dotcom companies had experienced their devastating boom and bust cycles."

However, the Margin understands that the Internet has always posed something of a problem to the company and its premium products. Retailers, especially in the US, do not want to see the goods they sell in their shops selling, possibly for less, on the Internet.