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Fitbug jumps on wearable sales news

Thu, 29th May 2014 14:15

Wearable fitness products group Fitbug saw losses increase last year but impressed with sales for the new financial year that were already 60% higher than the whole of 2013.A loss before tax of £2.6m reflected significant investment in new product development and innovation and the strategic decision to focus the company's product range on the retail consumer market where new Chief Executive Malcolm Fried believes there are substantial growth opportunities as wearable device adoption become mainstream, such as Google Glass.Revenue in 2013 fell £1.3m to £0.75m as the company shifted strategy, but so far in 2014 sales and confirmed orders have hit £1.2m, with 20 retailers having confirmed plans to stock Fitbug product, including Tesco, Dixons and PC World in the UK and Radioshack in the US.Said Fried: "In broadening the product range, switching our strategic distribution focus to retail, and bolstering our management team, Fitbug has positioned itself for growth in 2014." He stressed that the company's strategy was supported by its financial backers, including the Kirsh Group, with all loans extended to end July 2015 on "attractive terms". £2m of new loans were added to £2m existing loan, both on an interest rate of 5%.Fitbug gave an update on legal action against San Francisco-based Fitbit, against which it has filed a suit that alleges trademark infringement and unfair business practices. A trial is scheduled in early 2015 and Fitbug said it "believes that it has a strong case". Shares in Fitbug were up 9.5% to 0.58p at 14:30 on Thursday. OH

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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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