13th Feb 2015 08:00
LONDON (Alliance News) - Fitbug Holdings PLC said Friday that it expects to post a wider full-year loss in line with its forecasts, as increased investment in the development of its products offset a near quintupling of product sales in its second half.
The health and fitness wearables and online services company expects to post a 2014 loss of GBP3.6 million, compared to a pretax loss of GBP2.7 million in 2013.
Fitbug said its sales in the second half were GBP1.4 million, taking its full year sales to GBP2.34 million compared to just GBP749,000 in all of 2013. Sales growth was boosted by a particularly strong performance from its Fitbug Orb product in the fourth quarter.
The company said that retail interest in its products "continues to grow" and development of new versions of its digital health coaching platform Kiqplan are progressing well. Fitbug expects to have eight Kiqplans available for retail sale by the beginning of April. It is also working to connected Kiqplan with Apple Inc's Apple Healthkit, with the aim of making sure Kiqplans can connect with Apple Watch when it is expected to launch in April.
The company said its currently discussing its options with legal advisers over its trademark dispute against Fitbit Inc, and stressed that it will not allow the legal case to distract it from growing and developing its business.
"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. 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 Chief Executive Officer Paul Laundau in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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