Comeleon to list on AIM at £25m

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The Independent Online

Comeleon, a company that makes colourful mobile phone covers and was set up by a former economics teacher, is to list on AIM with a valuation of about £25m.

Comeleon, a company that makes colourful mobile phone covers and was set up by a former economics teacher, is to list on AIM with a valuation of about £25m.

Roy Stanley, who founded the company, will retain a 40 per cent stake worth up to £10m. The flotation, advised by Brewin Dolphin Securities, is expected to raise between £7m and £12m of new funds.

Comeleon, based in Newcastle, has developed a process to apply high quality, full-colour images to three-dimensional objects. At the moment it applies the technology to mobile phones, such as Nokia's "x-press on" covers.

Turnover forecasts of £4.6m are expected in the first year, increasing to £22m in year two. Maiden profits are forecast to be around £1.55m.

The company said its first step would to be expand its output in the mobile phone market but would then look at expanding to laptops, pagers and game consoles.

The company said its technology can be scaled up with relatively low capital requirements and images, once designed, can be automated.

Mr Stanley said: "Flotation will help us capitalise and exploit this market opportunity and will position our technology as the market leader within the industry."

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