The company which owns the Waterford Crystal brand paid out a dividend of €12.5m 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 more than halving from €16.6m to €8.29m due to the impact of Covid-19.

The pre-tax loss of €516,000 for 2020 followed a pre-tax profit of €10.2m in 2019. In 2020, the firm availed of Government Covid-19 wage supports of €1.69m.

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 Covid-19 and consequent Government restrictions “significantly impacted’ the 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”.

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, according to the directors.

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 €6.89m to €5.44m. In 2020, sales in Ireland accounted for €3.08m with €5.2m in Europe.

The sales were a mix of wholesale sales of €6m and retail sales of €2.12m.

At the end of 2020, the company had accumulated profits of €15.69m.

The directors state that subsequent to year end, the firm achieved a rent reduction of €187,500.

“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 report says.

The company is a subsidiary of Finland-based Fiskars which produces giftware and homeware goods. 

Waterford Wedgwood had previously been controlled by Anthony O’Reilly and his brother-in-law Peter Goulandris.