25 May 2012

Fitbug raises £770,000

19/07/2011 Miles Nolan

Online personal health and wellbeing services specialist Fitbug (FITB) has secured £770,000 to help further its sales efforts in the the US - the key market for its products.

Fitbug is a B2B focused business and believes the US offers plenty of opportunity, particularly in light of the recent Obama health reforms. As government efforts continue to reduce increasing healthcare costs, the plan is to target corporates, who in turn can offer its services to encourage employees to lead healthier lives.

The reforms allow scope for rebate and incentive programs, so the focus is on health plans, wellness service companies, and incentive providers. Fitbug has developed a range of activity tracking products, which are typically the size of a pager. However, new innovations include: wireless scales, a mobile phone application and a blood pressure monitor.

With about 40 per cent of its sales in the US, this proportion of the total is expected to double by 2013. Fitbug intends to open an office in the US, possibly in Chicago, which should help to generate further deals. Executive chairman recently joined from Bupa and says 'with the help of these funds and strong prospects in the US, I believe that Fitbug is now entering a very exciting period in its development.'

In the year to December, sales jumped 30 per cent to £1.1 million as losses fell to £972,000 (2009: £1.7 million loss). Management still hope for a swing to the black next year, largely driven by new contract wins. After the recent rally in its share price, the 4p placing has dragged Fitbug down 33 per cent to 4.625p today. Last month we highlighted Fitbug as an interesting speculation at 4.25p - that remains our view.

Tags: AIM market, Fergus Kee, Penny shares, US expansion

Sector: Leisure Goods

Companies: Fitbug

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