Royal Doulton, in which Waterford Wedgwood has a 25% stake, said first half profits fell 36% following store closures and lower consumer confidence. Royal Doulton reported 10 September 2003, that pre-tax profits for the six months to June 2003, including one off profits of £2.8M from disposals, fell to £4.9M from £7.7M. Turnover decreased by 17% to £58M. "Industry overcapacity continued to exert pressure on prices and margins and consumers continued their value-concious purchasing patterns," chairman Hamish Grossart said. The company, whose net debt leapt to £17M in June 2003 from £11M at the start of 2003 due to restructuring costs, said sales in the first two months of the 2nd half year "continued the pattern apparent in the first six months", but that costs have continued to fall.
