Pre-tax profits for the six months to the end of March rose slightly to pounds 989,000, well below expectations. The company warned it was unlikely the shortfall would be made up in the second half.
Huntingdon says the recovery strategy it announced in January, undertaken by Kleinwort Benson, has been completed, and it will concentrate on its life sciences group. Kleinwort is now looking at the future of Huntingdon's US engineering and environmental services group and the UK engineering consultancy, Travers Morgan Group.
The company blames the poor figures on a combination of price competition and increased costs facing its life sciences group.
Dr Wooley is replaced as chief executive by David Anslow, chief operating officer. Christopher Cliffe, finance director, will be deputy chief executive.
Huntingdon shares closed at 86p, down 3p on the day.