Finance director resigns

WATERFORD Food's finance director Mr Michael Dempsey has resigned. The statement was issued to the Stock Exchange at 2.30 p.m. yesterday.

Waterford's chief executive, Mr Matt Walsh, told a press conference yesterday that Mr Dempsey's resignation was a confidential matter between him and the board.

Mr Dempsey is expected to receive a settlement in excess of £500,000.

In March, Waterford Foods issued a surprise profits warning to the markets cautioning that its results for last year would be worse than market forecasts.

Subsequently, it became clear that the company was renegotiating some of its bank facilities.

Mr Walsh said in a statement issued days after the profits warning that it had not arisen due to disagreements with its auditors KPMG.

He said that as Waterford was preparing its accounts "certain assumptions and estimates were reviewed by management and discussed with the auditors, as a result of which the board then informed the market that the 1996 profit before taxation would be not less than £19.7 million. I wish to emphasise that there is no difference of view between the company and its auditors". The markets and analysts, however, continued to express concerns about the late profit warning.