Fitbug Holdings issue interim results

What are the details?

Fitbug Holdings Plc, the AIM quoted provider of online personal health and wellbeing services, has provided its interim results for the six months ended 30 June 2015.

Overview

· Focussed on increasing market share in the prospective and rapidly growing wearable health sector
· Secured multiple follow-on supply contracts with leading retailers in the UK and US, including Argos, Sainsbury’s and Target
· B2B space underpinned by the Company’s Vitality Health agreement & signed significant new B2B orders with Towers Watson and Punter Southall
· Development and imminent launch of Kiqplan Version 2- compatible with leading wearable devices
· Strengthened management team to accelerate product development and marketing strategies
· Continued support of key stakeholder the Kirsh Family office and NW1 Investments
· Revenues of £991,000 generated for the period (H1 2014: 914,000)
· Pre-tax loss of £3,215,000 (H1 2014: loss of £1,610,000) reflecting increased investment in the ongoing development of its innovative product range
· Cash at 30 June 2015 was £795,000 (30 June 2014: £160,000)
· Successfully raised £1,665,000, before costs, post period end

Fitbug CEO Anna Gudmundson said, “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. This is a fast growing space and through constant innovation we are committed to remaining at the fore of these market developments, in line with our active growth strategy. I look forward to providing updates in respect to our team, Board, products and business model in the coming months.”

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