LONDON (Alliance News) - Provider of on-line health and well-being services Fitbug Holdings PLC Friday showed widened pretax losses as it continued its expansion into Chinese and Australian markets and invested in mobile health products.
For the half year ended June 30, the company posted revenues of GBP461,000, down from GBP674,000 in the previous year. It had a pretax loss of GBP1.0 million, widened from GBP649,000 in the previous year. The company said that these losses reflected its expansion into new markets and increased investment in new products.
The company said that legal action against Fitbit Inc. of the US was in progress. Fitbug said it is launching the court action in California based on unfair competition, trademark infringement, and unfair business practice.
Fitbug said that it believed it was well placed for future growth. Its shares were trading down 19% at 1.21 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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