CURRENT ACCOUNT: Waterford Wedgwood's upcoming interim figures are likely to highlight the fluctuating fortunes of different parts of the group.

The Irish-based crystal division, which has hogged the glory in recent years after a difficult restructuring, is forecast by John Sheehan at NCB to be the laggard when the results are published on Wednesday, dragged down by the tough times facing its key US market.

Ironically, Wedgwood, which has been holding results back and undergoing its own restructuring, is thought likely to shine, with a strong result in Japan.

At a time when corporates are more likely to move their year-end to December to match the tax year, Waterford Wedgwood has gone against the trend, switching to March in an effort to even out the seasonal swings in its figures.

That will make a comparison of the figures difficult. Outlook will assume even greater importance as a result and analysts will certainly be looking for some guidance on recent talk of a management buyout at the group.

Having hovered around the mid to high 30-cent level all through October, news of a possible buyout by management (who currently own 27.5 per cent of the company) sent the share up to a spike of 48 cents last Thursday.

News on Monday that the company had bought two direct marketing companies burst the bubble and the share has since fallen back to 38 cents before closing last night at 41 cents. Management looking at an MBO is seen as unlikely to take further debt on board.

Whatever they decide, management will have a tough enough time making their targets this year with worries growing about consumer confidence ahead of the key Christmas season.

While company broker Davy is holding fast to a full-year earning per share forecast of seven cents, Merrion has trimmed its outlook to 6.3 cents and NCB is expecting no more than six cents.