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Company update

3 Jul 2019 10:24

Walcom Group Ltd - Company update

Walcom Group Ltd - Company update

PR Newswire

London, July 3

3 July 2019

WALCOM GROUP LIMITED(“Walcom” or “the Company”)

Company update

Further to the Company’s announcement on 4 June 2019, the Company provides the following update.

As previously announced, the African swine fever in China has impacted Walcom’s trading performance in the first six months of the current financial year. There has been no easing in the prevalence of the disease, which the Company believes is still spreading in China. As a result, the Board believes there will be no significant improvement in trading conditions until the final quarter of this year. Importantly, the Company continues to work with its existing customers and it has not lost any major customers to competitors. The Company continues to work on increasing its customer base and customer penetration within the poultry feed sector and is hopeful the Company will see the benefit of this in the latter part of the year.

The Board continues to expect that the Group will be able to meet its liabilities as they fall due until at least the end of August 2019, and continues to monitor closely its working capital position, whilst considering alternative funding options. 

As announced on 12 June 2019, the Shanghai Pudong New Area People’s Court had on 5 June 2019 affirmed the Company’s claim against the Group’s largest customer in China (“the Customer”) for the outstanding debt of RMB 4.76 million (plus interest of RMB 196,000). The Customer was ordered to fully settle the outstanding debt plus interest within 10 days of the date of judgement and had the right to appeal the court judgement within 15 days of the judgement date. The Shanghai Pudong New Area People’s Court received a notice of appeal from the Customer on 26 June 2019 and the Company is taking legal advice in this regard. It remains unclear whether the overdue receivables will be recovered, and further announcements will be made in due course. 

Further enquiries:

Walcom Group Limited Francis Chi (Chief Executive Officer/Chief Financial Officer) Jessie Chan (Deputy Chief Financial Officer)+852 2494 0133
Allenby Capital Limited David Hart / Asha Chotai+44 20 3328 5656
Date   Source Headline
30th Jun 20204:22 pmPRNBoard Change
22nd Jun 20201:21 pmRNSSuspension - Walcom Group Limited
22nd Jun 20201:16 pmPRNResignation of Nominated Adviser and Broker
22nd Jun 20208:16 amPRNCompany update
15th Jun 20207:36 amPRNTrading Update
5th Jun 20203:08 pmPRNCompany Update
2nd Jun 20204:00 pmPRNCompany update
29th May 20207:00 amPRNCompany Update
26th May 20207:32 amPRNCompany Update
15th May 20203:10 pmPRNCompany Update
11th May 202012:01 pmPRNCompany Update
30th Apr 202010:57 amPRNCompany Update
22nd Apr 202012:23 pmPRNCompany update and further re director loan
16th Apr 20201:31 pmPRNCompany update and further re director loan
9th Apr 20208:19 amPRNCompany update and further re director loan
3rd Apr 20208:27 amPRNCompany update and further re director loan
27th Mar 20208:31 amPRNCompany Update
18th Mar 20202:13 pmPRNCompany update and further re director loan
12th Mar 202010:46 amPRNCompany Update
6th Mar 20208:52 amPRNCompany Update
21st Feb 20208:48 amRNSCompany Update
14th Feb 202012:06 pmPRNReplacement: Company Update
14th Feb 202011:09 amPRNCompany Update
31st Jan 20209:55 amPRNTrading Update
13th Jan 202012:23 pmPRNFurther Director Loan
31st Dec 201910:37 amPRNCompany Update and Resignation of Deputy CFO
23rd Dec 20199:57 amPRNBoard Change
6th Dec 201911:04 amPRNCompany Update
29th Nov 201911:05 amPRNCompany Update
30th Oct 201910:23 amPRNTrading Update
26th Sep 20199:27 amPRNDirector Loan
18th Sep 201910:58 amPRNHalf-year Report
9th Sep 201911:20 amPRNCompany Update & Notice of Interim Results
14th Aug 201911:03 amPRNCompany Update
3rd Jul 201910:24 amPRNCompany update
12th Jun 20198:53 amPRNResult of AGM and update on legal proceedings
4th Jun 201912:49 pmPRNCompany update
15th May 201910:03 amPRNPosting of Annual Report and Notice of AGM
7th May 201911:15 amPRNFinal Results
20th Mar 20198:26 amPRNFurther re. disposal of Walcom Bio-Chem (Thailand)
13th Mar 20197:00 amPRNProposed Disposal of Walcom Bio-Chem (Thailand) Company
28th Feb 201910:10 amPRNDeath of Non-Executive Director
27th Feb 201911:44 amPRNTrading update
14th Dec 201811:06 amPRNBoard Change
21st Nov 201810:02 amPRNFurther re Customer Payment and Trading Update
8th Oct 20181:11 pmPRNReceipt of further customer payments
18th Sep 20181:58 pmPRNHalf-year Report
3rd Sep 201811:45 amPRNReceipt of initial customer payment
31st Jul 201811:38 amPRNFurther re Customer payment
19th Jul 201812:58 pmPRNFurther re Customer payment

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