Waterford Wedgwood warned today that sales of its crystal have got off to a bad start this year and profits will suffer.
Shares in the company fell over 18 per cent to 0.036 cents this morning on the Dublin market.
Sales in February were 11 per cent down on the same months last year, the company said. Lower production volumes have pushed up costs leading to lower profit margins in crystal, the company said.
A statement released to the stock exchange this morning said Waterford's board "remains confident in the group's ability to successfully navigate its way through these difficult times."
The statement added that the company's management continues to have the support of its principal shareholders as it seeks to reduce the company's fixed cost base.
The group said it expects sales for the current full year to be down 6 pct on a like for like basis and it warned of tighter margins.