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Fitbug interims healthier after focus swtiches to 'corporate wellness'

Wed, 21st Sep 2016 12:29

(ShareCast News) - Fitbug reported a fall in first-half sales but said a strategy to focus on 'corporate wellness' rather than the retail sector had resulted in a near-halving of losses.Group sales fell by just over a quarter to £0.73m, though business-to-business (B2B) sales rose 52% on a like-for-like basis.Fitbug, which since the 30 June period end completed a £2.61m fundraising and converted £8.4m of core debt into equity, decided to provide "digital wellness solutions" to companies through three key partners so far, after its attempts to break the consumer market proved unsustainable.The reduced cost base from this strategy, with a "substantially smaller, more focused and experienced team", saw a £1.64m loss before tax in the period, much improved from the £3.2m last time.Management aim to continue to cut costs "significantly", with a target of reducing expenses by over 30% in the current financial year."Having only brought the new corporate wellness offering to market at the end of 2015, it is great to see the company starting to benefit from the new strategy in such a short period of time," said chief executive Anna Gudmundson on Wednesday."It is still early days for our digital wellness platform but we pleased to see our clients using the service and, in the case of some large organisations, starting rollouts across thousands of employees."After the release of results late on Wednesday morning, Fitbug's shares spiked up to above 0.4p, up 65% from July's 0.25p fundraising price at which they have stood of late, but are still less than half their level at the start of the year and well off their 52-week peak of 2.7p.

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26 Mar 2014 13:40

UK MIDDAY BRIEFING: Government Completes 2nd Lloyds Bank Stake Sale

LONDON (Alliance News) - The UK government has raised a further GBP4.20 billion from its second sale of Lloyds Banking Group PLC shares, meaning it has now recouped GBP7.41 billion of the roughly GBP21 million that taxpayers injected into the bank during the financial crisis.<

26 Mar 2014 11:30

UK WINNERS & LOSERS: Standard Life Leads FTSE 100 Risers

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Wednesday.

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FTSE 100 - WINNERS

Standard Life, up 5.2%. The company has agreed to buy Ignis Asset Mana

26 Mar 2014 08:30

Fitbug Holdings Surges As It Targets Bigger Presence In Retail Market

LONDON (Alliance News) - Fitbug Holdings PLC saw its shares leap early Wednesday after it said it had agreed terms with six retail distribution partners providing coverage in the UK, France, Germany, Italy, Russia, South Africa, Southeast Asia, Australia and New Zealand. In a statement, the

11 Feb 2014 13:31

CORRECT: UK MIDDAY BRIEFING: Stocks Gain Ahead Of Yellen Appearance

(An item published at 1325 GMT mis-spelt the Fed Chair's surname in the title. The correct version follows.) LONDON (Alliance News) - The FTSE 100 is up for a fifth consecutive day Tuesday amid a continuing global stock rally, with the London blue chip index helped by strong performances

11 Feb 2014 13:28

UK MIDDAY BRIEFING: Stocks Gain Ahead Of Yellon Appearance

LONDON (Alliance News) - The FTSE 100 is up for a fifth consecutive day Tuesday amid a continuing global stock rally, with the London blue chip index helped by strong performances from the retailers and miners.

Retail stocks including Sports Direct International, Read more

11 Feb 2014 11:30

UK WINNERS & LOSERS: Kazakhmys Revalued As Tenge Is Devalued

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.

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FTSE 100 - WINNERS

Sports Direct International, up 4.1%, and Marks and SpencerRead more

11 Feb 2014 11:25

Fitbug Holdings Takes Out Loan As It Moves To Exploit Interest In KiK

LONDON (Alliance News) - Fitbug Holdings PLC Tuesday said it has signed a GBP1 million loan deal with NW1 Investments Ltd to support its growth plans for this year. In a statement, the online personal health company said the loan is repayable by July 31, 2014 and will accrue interest at a r

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21 Oct 2013 08:16

Fitbug Launches Wireless Activity And Sleep Tracker Fitbug Orb

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20 Sep 2013 09:27

Fitbug Loss Widens On Expansion Spending; Take US Legal Action Against Fitbit

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10 Sep 2013 08:08

Fitbug enters Australia with Woolworths contract

Fitbug Holdings has gained entry to the Australian market by agreeing to supply its digital health technology for a well-being programme at Woolworths. The online personal health service has signed a contract with Leap4Life Global of the US, which is working on Woolworths' "All Good" employee wellb

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10 Sep 2013 08:01

Fitbug Enters Australia In Deal With Leap4Life Covering Woolworths

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