Dr. Peter Stefanini is resigning as chief executive of Millbrook Scientific Instruments after a stark results warning.

AIM-quoted Millbrook has accompanied Stefanini’s departure with news that sales in the second half of the year to March were little more than half the £2.5 million indicated as likely by the company at the interim stage. Blackburn-based Millbrook warns that Stefanini’s shortfall is likely to generate earnings before interest, tax, depreciation and amortisation ‘well below the break-even level of analysts' forecasts’.

The company, which provides instruments to measure nanoscale surfaces, thin films and coatings, lost a heavily-increased £472,322 in the six months to last September, despite more than doubling sales to £1.3 million. The products were well received, with some commanding premium prices, and at £783,000, year-end orders were strong, particularly from the data storage and semi-conductor markets but Millbrook says it was unable to meet them.

The company blames this crunch on ‘late receipt of some key components’. This prevented completion and testing in time.

After six and a half years at the helm, Stefanini is handing over his executive duties to finance director Paul Grasske. He will stay on as non-executive chairman until Millbrook’s annual meeting, at which point he will resign from the board, retaining only his share options.

Millbrook shares, which once traded above 12p, now stand at 2.25p, up 0.13p, where the company is valued at a mere £1.2 million.