Companies:
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28/02/2007
‘Our technology has origins in the puppetry from Spitting Image,’ says Robin Shephard, commercially savvy CEO of smart fabric technology minnow Eleksen, which recently filled its coffers with a �5.7m funding. Creeping onto AIM through a reversal last May while quietly wooing Apple and Microsoft with its technology, Eleksen is now poised to make a big noise.
Its futuristic technology – jealously guarded by a comprehensive patent suite – enables fabric to be programmed, creating touch-sensitive controls for accessories such as MP3 players and iPods. Shephard is focusing on the wearable and data input markets, where its machine-washable soft controllers can be integrated into rucksacks and suits. Its touch-sensitive fabric technology is perfect for soft keyboards.
Eleksen’s smart fabrics are already in use in snowboarding jackets and school rucksacks in the US. Bagir (a provider of suits to Marks & Spencer) and iPod accessory supplier Belkin have endorsed the technology and a mystery jeans maker is circling. Within data input, tiny Eleksen has developed a fabric keyboard prototype for Microsoft, while the toy, automotive and military markets could feature long term.
So far, so exciting. Maiden interim figures to June 2006 revealed a 620% sales surge to �1.8m, topping the total top-line for 2005 by 38%. More than 200,000 units were shipped versus 100,000 for the whole of 2005, though pre-tax losses widened to �2.2m (�1.2m) and a full-year deficit of �2.9m looks likely from �4.2m sales. Revenues are forecast to grow to �11.7m this year, although profits aren’t slated until 2008 from sales of �23.2m.
As with any minnow, Eleksen is anything but a sure bet and some applications could prove short-term fads. Nevertheless, consumer trends play into Eleksen’s hands long term and investors looking for a high-risk, high-reward story should look no further. Speculative buy.
James Crux
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