Trading Update and Notification of Results

 

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RNS Number : 4648Z 
Millbrook Scientific InstrumentsPLC 
22 September 2009 
 
Millbrook Scientific Instruments plc 
('Millbrook' or the 'Group') 
Trading Update and Notification of Results 
As reported in the Group's trading update announced on 5 June 2009, the order 
intake for Millbrook Instruments Limited ("MIL"), the Group's subsidiary which 
manufactures the MiniSIMS instrument, decreased in the first quarter of the 2010 
financial year. 
The Board believed that this would create pressure on the working capital of the 
Group if no action was taken and, given the level of fixed costs in the MiniSIMS 
business and the lumpy nature of its sales, the Board therefore resolved that it 
would implement a programme to cut costs and conserve cash whilst it considered 
its strategic options in respect of the MIL business. 
In the second quarter of the financial year, the Board has cut costs in the 
MiniSIMS business with the active cooperation of its staff but unfortunately, 
despite the best efforts of MIL's management, the order intake has not picked up 
significantly and MIL has continued to be cash flow negative for the Group. This 
has increased pressure on the working capital of the Group as a whole. 
In light of the above and following the completion of the strategic review of 
the MiniSIMS business which was undertaken in conjunction with Zeus Capital, the 
Group's financial adviser, the Board has, with regret, taken the decision to 
place MIL into administration. 
The Board believes that this action is in the best interests of shareholders 
since it will stop the cash burn associated with the MIL business, allow 
management to focus on the Group's other subsidiary, Micro Materials Limited and 
should enable the financial position of the Group to be stabilised. 
The Board is pleased to announce that Micro Materials Limited, the subsidiary 
based in Wrexham which manufactures the NanoTest, continues to trade 
satisfactorily in a difficult economic environment. 
The Board will continue to explore ways in which to develop the NanoTest 
business while also seeking to reduce central costs further, in light of the 
reduction in size of the Group. 
As announced previously, the Group expected to announce the results for the 
financial year ended 31 March 2009 in the week commencing 21 September 2009. The 
Group now expects to publish its annual audited accounts in the week commencing 
5 October 2009. 
AIM Rule 19 requires an AIM company to publish annual audited accounts not later 
than six months after the end of the financial year. Since Millbrook will be in 
breach of AIM Rule 19, trading in Millbrook's shares will be suspended until the 
annual audited accounts are published. 
The registered office of Millbrook has been changed to Willow House, Yale 
Business Village, Ellice Way, Wrexham Technology Park, Wrexham, LL13 7YL. 
For more information please contact:- 
+-------------+----------+ 
| Millbrook   |          | 
| Scientific  |          | 
| Instruments |          | 
| plc         |          | 
| Stephen     |          | 
| Blank,      |          | 
| Chairman    |          | 
| Paul        |          | 
| Grasske,    |          | 
| Chief       |          | 
| Executive   |          | 
| Officer     |          | 
|             |          | 
+-------------+----------+ 
Tel: [phone] 
www.millbrook-instruments.com 
Zeus Capital Limited 
 
 
Alex Clarkson /Tom Rowley 
Tel: [phone] 
www.zeuscapital.co.uk 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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