ONE of Northern Ireland's best known brands incurred massive losses totalling almost £3 million last year.
Belleek Pottery in Fermanagh which has been in business for more than 150 years posted a £2.8m loss for the 12 months to the end of March.
Its comes after the firm was forced to write down £2.6m after revaluing its land and buildings.
However, it also followed a £386,000 loss in 2014.
The firm's strategic report filed with Companies House in Belfast, the directors said they "acknowledge that the company has incurred losses this year and have developed and continue to implement strategic plans in an attempt to return the company to profitability despite difficult global market conditions".
"The directors remain confident that the company will return to profitability in the medium term," it added.
The directors forecast a profit of £200,000 next year as it looks to reduce stock and product range.
Belleek stores and concessions will come under closer scrutiny as it aims to return all outlets to profitability.
Directors also said they wanted "greater wages control in both factory and shops".
The company's wage bill rose slightly to £3.3m for the year although staff numbers reduced by five to 157.
In the late 1980s, Bellek Pottery reinvented itself as a modern lifestyle brand with massive international appeal, under the guidance of Dundalk-born businessman Dr George Moore.
Dr Moore who had a personal wealth of around £200m invested heavily in the brand, but died suddenly at his home in America in 2013 aged just 61.
The company has posted a series of losses over recent years against the backdrop of the recession and low consumer confidence.
During the early part of this century it has moved away from manufacturing ornamental pieces with the launch of the 'Belleek Living' brand and also diversified into jewellery.
The company makes high quality ceramic giftware for the home and export markets, and it operates an extensive retail division in both Northern Ireland and the Republic.
A spokesperson for the Belleek Pottery Group said: "It is important to highlight that £2.6m of the loss is accounted for my a recent revaluation of company property to comply with the new Accounting Standards FRS 102.
"The operating loss of £200,000 marks a significant improvement on the 2013-14 position. Trading conditions at home and internationally remain difficult. However we are confident that through our continued investment in new product development and the opening up of new sales channels, particularly in the e-commerce sector, the group will return to profit in 2015-2016.”
