19th Jul 2018 13:25
LONDON (Alliance News) - Animal feed additive producer Walcom Group Ltd said Thursday it still has not received payment worth GBP483,000 from its unnamed largest customer.
The company said it has been informed by the customer that the payments are being arranged and will be made before the end of July.
A further GBP270,000 is owed to the company by the customer and will fall due between now and mid-September 2018, Walcom added.
The company said the delays are affecting its cash position, making it "restrained but manageable in the near term".
"If the full amount outstanding from the customer is not received, the company might, in the absence of obtaining alternative funds, be in a position where it is unable to settle its liabilities as and when they fall due. The company is considering alternative financing arrangements, should any be considered necessary," it added.
Walcom said it is also engaging with its lawyers to prepare for the possibility of taking formal proceedings to recover the payment.
Shares in the company were untraded at 0.75 pence each.
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