Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Fitbug secures new business
Online personal health to wellbeing products minnow Fitbug (FITB) has signed four new deals, a move that further extends its reach overseas.
Fitbug specialises in products that can be used to promote healthy living, a relevant issue given concerns by the World Health Organisation that by 2015 more than 700 million people will be obese and 2.3 billion adults overweight. Its origins were in the development of a pedometer type device, but Fitbug has since expanded to develop an online offering and even games.
It has signed a new partnership deal with leading nutrition firm Anxa, this will see the promotion of its products in France. However of more significance is the US market, here is has secured two large employer schemes through its US partner Vitality. With their combined workforce of 16,000 employees it should help boost revenues at Fitbug. The trend for large firms to offer their employees wellbeing perks is increasing, so should provide plenty of opportunity.
The fourth contract is a £200,000 order from existing client Holmes Place International, a health club operator in the Middle East and Europe. In an interview with Growth Company Investor recently installed executive chairman Fergus Kee said 'the US remains the big market opportunity', he added that the second half should see more deals signed by the AIM listed company.
Final results for 2010 are due in a couple of weeks and are likely to show a loss due to ongoing development of the business. The hope is for a swing to profitability in the final quarter of 2011 and a full year profit in 2012. The shares are up 21 per cent to 4.25p this morning and offer speculative appeal.
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