Dr Peter Stefanini is leaving Millbrook Scientific Instruments, the nanoscale surface measuring instrument maker he took from Ofex to AIM three years ago and has run for six and a half years. He moved to hand over his chief executive’s duties to finance director Paul Grasske after a stark results warning late last month and said he would resign as chairman and director at the company’s annual meeting.

Millbrook, which provides instruments to measure surfaces, thin lines and coatings, lost a heavily increased £472,322 in the six months to September despite more than doubling sales to £1.3 million. The company has warned sales in the six months to March were little more than half the £2.5 million indicated as likely at the half-year stage and it is likely to generate earnings before interest, tax, depreciation and amortisation ‘well below the breakeven levels of analysts’ forecasts’.

This was partly a problem of success. Orders were strong, particularly from the data storage and semiconductor markets, but Millbrook could not meet them because of the ‘late receipt of some key components’, which prevented completion and testing in time. The shares, once trading above 12p, now languish below 3p.

Stefanini’s only remaining link with Millbrook will be his share options.