LONDON (Alliance News) - Fitbug Holdings PLC Wednesday reported a widened pretax loss for its first half as it upped investment in its digital health product Kiqplan, marketing, and it reported costs related to its legal action against US wearables maker Fitbit Inc.
For the half year to end-June the healthcare technology company company reported a pretax loss of GBP3.2 million, widened from a pretax loss of GBP1.6 million, as a rise in revenue to GBP991,000 from GBP914,000 was offset by a rise in administrative costs.
Kiqplan provides coaching plans to work alongside the company's wearable device, the Fitbug Orb. The company appointed Anna Gudmundson following the half year end as its new chief executive officer. Gudmundson was previously its interim product director.
Although the company's investment in technology has led to an increase in costs, the company said shareholders should be reassured "this is positioning the company to scale and grow in a significant way."
During the period the company's Financial Director Andrew Brummer stepped down, and James Ward was appointed as an interim replacement as the company looks for a permanent replacement. Additionally, following the half-year end Executive Chairman Fergus Kee stepped down.
"I am delighted to have been appointed as CEO of Fitbug. Together with our innovative and ambitious team, I will be focused on positioning the company to ensure that it can rapidly capitalise on the exciting and long term opportunity that Kiqplan has carved out in the digital health market," said Gudmundson in a statement.
Shares in Fitbug were down 18% at 1.70 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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