It's about as risky as such presentations ever get. The headlines were already flowing through the minds of the assembled hacks who were willing the plate to break into smithereens. It didn't but, as the crystal and ceramics maker reported half-year results to the end of September, many analysts are still waiting for more certain signs that the company's restructuring and repositioning is paying off.

Still, despite the enormous difficulties the company has had in the past few years, there are signs that some semblance of a recovery is in the offing.

The Waterford Crystal division, headed by John Foley, reported an operating profit of 7.8m in the period, compared to a loss of 1.4m in the same period last year. But sales at the division were down 1.1% to 98.5m at prevailing exchange rates, and Foley pointed out last week that margins have improved substantially to about 50%, boosting the bottom line.

Overall, the group reported a 2.8% decline in sales to 352.5m from 362.5m in the same period in 2005 and an operating profit of 4.9m, a sharp turnaround from an operating loss of almost 70m in the first half of fiscal 2005.

But management was at pains to point out that much of that can be attributed to the removal of older lines and an expected stronger performance in the second half as new product ranges kick in.

There was also some concern as to whether the 22% rise in September sales would be sustained in the US over the all-important period that includes Thanksgiving, Christmas and New Year.

Foley said last week that he remains convinced the company is on the right track and is encouraged by how new products are being received in the US since September.

"We've made some good progress on taking costs out of the operation and we've concentrated on getting our margins up, " he said. "What pleases me is that, although Waterford Crystal reported flat sales, it's really before all the new initiatives have kicked in. We've only had a small benefit from them as of yet." Some of its new ranges, such as the Mondavi wine glasses, have had an initial launch but the real impact, according to Foley, won't be felt until coming months. Another range, designed by Marc Jacobs, will only begin shipping this month. Foley added that at an industry trade show last month, Waterford Crystal proved to be the "star of the show".

For investors, this remains a stock for the brave. But should the recovery assert itself in coming months, it could provide a significant return. That said, NCB analyst John Sheehan said last week that some recovery potential is already built into the current share price.

"Pending clearer evidence of trends for this period [secondhalf], we maintain our hold [rating], believing that the current price and enterprise value factors in significant recovery in the group's operations."

It may be too early to call just yet, but Waterford Wedgwood may at least have got its pulse back.