Walcom CFO resigns amid spat with largest customer

Walcom chief financial officer Albert Wong has resigned as a director of the company, effective immediately.

Wong, who will remain with the AIM-listed animal feed producer as its non-board CFO and secretary until 1 July 2019, opted to part ways with the firm he joined in 2005 in order to "take-up early retirement and pursue other interests".

Walcom said it will soon begin looking for a suitable replacement for Wong and will make further announcements in due course.

Last month the India-focused company revealed that it was yet to receive a payment of 4.96m Chinese yuan (£556,000) from its largest customer, leading it to commence legal proceedings in order to recover the funds.

Walco, which said it expects full-year revenues to be "significantly lower than the previous financial year", warned that if it was unable to recover the full amount outstanding from its mystery customer or secure an alternative financing arrangement with its lenders, it warned that it may soon be in a position where it would be unable to settle its liabilities.

As of 1200 GMT, Walcom shares were untraded at 0.37p.