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Don't have an account? Click here to register.Fitbug's sales in shape, but product investment weighs on full year results
Fri, 13th Feb 2015 11:18
Camden-based Fitbug expects full year losses in line with forecasts, despite a second half sales surge on its wearable gadgets.Although sales were almost five times higher than in its first half, the company's increased investment in product development is estimated to result in a loss of £3.6m in 2014, worse than 2013's loss of £2.7m.Second half sales were £1.4m, taking full year sales to £2.34m, dwarfing 2013's full year sales of £749,000. The Fitbug Orb product, which counts steps and burnt calories while wirelessly syncing data to phones, boasted a particularly strong performance in the fourth quarter.Chief executive Paul Landau said that retail interest will continue to grow now the products are featured in US Target stores, as well as the Argos catalogue. The business is also confident that its digital coaching app, Kigplan, has a bright future, thanks to recent partnerships with Samsung and Jawbone, as well as future compatibility with the Apple Watch come April's launch."Our new Kiqplan service proposition has been incredibly well-received in the market and we are extremely excited by its potential as awareness and understanding of it grows," said Landau.Deals with Amazon in the UK and US are being discussed and a sales distribution deal with BestBuy.com, delayed from Janurary due to a switch in their preferred distributor, will go live shortly."This is a really exciting period of opportunity for Fitbug as we see accelerating growth and convergence across the wearable tech, mobile and digital health landscape," added Landau.Fitbug share were up 17.39% to 6.75p at noon on Friday.
More News
19 Jan 2017 16:20
Fitbug expected to reduce loss as it continues turnaround
(ShareCast News) - Corporate digital wellness technology provider Fitbug Holdings issued a trading update for the year to 31 December on Thursday, saying revenue for the year is expected to be slightly behind that for the corresponding period last year. The AIM-traded company said the mix of revenue
Read more13 Dec 2016 08:59
Fitbug hires Olympic hurdler to run workplace fitness programme
(ShareCast News) - Fitbug holdings, an AIM quoted provider of digital wellness for corporate organisations, has brought in Olympic gold medallist Sally Gunnell to help promote and expand its offering in the UK. The former hurdler has drawn on her career and her team of experts to design a bespoke
Read more21 Sep 2016 12:29
Fitbug interims healthier after focus swtiches to 'corporate wellness'
(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
Read more21 Sep 2016 09:46
Study suggests fitness trackers not useful for weight-loss
(ShareCast News) - Fitness tracking devices from the likes of Fitbit, Fitbug and Cloudtag may not actually provide any health benefits, according to new research from the US. A two-year study by the University of Pittsburgh took into account evidence from 470 overweight people between 18 and 35 and
Read more29 Jun 2016 15:00
Fitbug outlines fundraising and debt reduction plan
(ShareCast News) - Digital wellness technology developer Fitbug Holdings announced on Wednesday a proposed equity fundraising of around £2.61m before expenses. The AIM-traded company said the fundraising comprises a placing of 340,800,000 placing shares at 0.15p per share with institutional and othe
Read more13 Jun 2016 15:37
Fitbug shares dive as it widens FY loss, mulls fund-raising
(ShareCast News) - Shares in online personal health and wellbeing services provider Fitbug have fallen almost a quarter after it booked an impairment-dented set of full year results and mulled a potential fund-raise. Impairment of stock totalled £0.74m, from £48,000, with write-off of software devel
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