Millbrook holds 2005 AGM

Millbrook Scientific Instruments, a designer and manufacturer of innovative scientific instruments used for nanoscale investigations of surfaces, coatings and thin films, has held its 2005 AGM.

At the meeting, Dr Peter Stefanini, executive chairman said: 'I am delighted to be able to record another excellent year of progress. At the last AGM we promised that we would double the size of the group through acquisition and then take the company from OFEX to AIM. We fulfilled both of these promises and as a result we have a broader business in nanoscience, which - with an AIM listing - now has better access to capital for further expansion.

'We generated a positive profit at the EBITDA level for the first time last year. I believe that this represents a breakthrough, presaging increased profits in the years ahead. Sales growth has averaged 88% per year over a four-year period, and we have continued to invest in high calibre people to ensure the future growth of the business.

'The Queen's Award for Enterprise received for growth of 265% over three years in export markets for the MiniSIMS was fitting recognition for the efforts of our team in Blackburn who have worked unstintingly to achieve this export success. For the group as a whole exports now represent 82% of sales and we have instruments at 150 sites worldwide.

'Orders received so far this year amount to over £723,000 and hot prospects account for a further £500,000. Orders have come from China, India, South Korea, Taiwan, Finland and Singapore.

'We will be launching the Time of Flight (TOF) MiniSIMS and the Large Sample MiniSIMS later this year, which will substantially extend penetration of the MiniSIMS into new sectors.

'We remain committed to expansion both organically and by acquisition. Our buy and build strategy is aimed not only at increasing the scale of the group's operations, but also at broadening its technology base and extending its market reach. We have identified further acquisition prospects and are pursuing these.'