Fitbug Share Discussion Threads

[jm2009jm] 04/4/2017 07:31

verulamium
thats classic: F'KIN.L
made my day
someone got £100k to NOT think this through
but of course: its a "laughing stock"
lol

[knigel] 04/4/2017 07:25

What a load of waffle to explain the new name - probably cost £100k to get a corporate company to come up with the name - words fell me..

[verulamium] 04/4/2017 07:21

As they're London listed, they'll be 'Kin.L. They've really thought this through!

[jm2009jm] 04/4/2017 07:12

RNS re change of name.
ah yes, that ol technique
waste of time and money

to what though?
new name: "Kin Wellness",
really?
so now it will be F'kin wellness

LOL

[mudbath] 03/4/2017 09:27

The upside for holders is that the defining moments for FITB should lie in the very near term.
Cash at the year end was a paltry £23k.
The £1million raised in January will already be much depleted;thus necessitating intense and immediate consideration of Fitbug's future.
This imo is beyond the wit or scope of the existing BOD and will necessitate the intervention and involvement of either the "concert party" or a white night.

[dusseldorf] 03/4/2017 08:17

Yep, couldn't be clearer really, since we reduced our overheads (staff) to demonstrate cost saving, er, we need to increase it again as we haven't got enough people to pursue sales...and this will need more money:

"The Board remains mindful, as always, that the road to conversion of many of these potential customers from first contact to sales is long. As a result the Group's needs for further development capital, particularly to expand its bandwidth to deal with the many potential opportunities which it is currently experiencing, continue as the sales process continues to develop."

[knigel] 03/4/2017 08:10

To sum up.. Need funds.. More dilution!

[cpap man] 03/4/2017 07:52

Fitbug Holdings Plc / Epic: FITB.L / Index: AIM







RNS REGULATORY ANNOUNCEMENT:

Embargoed 7.00am - 3 April 2017



Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).



FITBUG HOLDINGS PLC ('FITBUG' OR 'THE COMPANY')

FINAL RESULTS FOR YEAR ENDED 31 DECEMBER 2016



Fitbug Holdings, the AIM quoted digital wellness technology provider for corporate organisations, announces its results for the year ended 31 December 2016.

Key Highlights

· Revenues for the year ended 31 December 2016 £1,077,000 (31 December 2015: £1,259,000)

· Loss for the year ended 31 December 2016 of £3,536,000 reduced by 42% in comparison with the loss for 2015 of £6,303,000

· Business shifted from retail devices to corporate digital wellness: B2B sales have increased to 82% of the Group's revenues

· Operating costs savings of over 30% compared with aggregate operating costs incurred in 2015

· Recurring service revenues started to accumulate during the year

· Settled litigation with Fitbit

· Successfully raised £2.61m in cash in July 2016

· Converted £8.4m of long term debt into equity in July 2016

· Outsourced development function to access additional talent and other support functions to drive efficiencies

· Since the year end, the Company has raised a further £1m (before expenses) by way of a share placing.

Anna Gudmundson, Chief Executive, commenting on the results, said: "In 2016 we executed the most significant parts of our strategy to turn the business around and to reposition Fitbug as a B2B digital services provider in the corporate wellness industry. In practice, this involved major cost optimisation, as well as a series of restructuring initiatives designed to break from Fitbug's past and allow the business to move forward with speed and focus.

During 2016 we achieved the following main objectives: we proved the opportunity in the corporate wellness market, we reduced long-term debt over the year by a net £6.8m and we raised a total of £2.61m in cash. We also dramatically reduced our losses before tax from £6.3m to £3.5m, we closed down our loss-making retail operations, and we outsourced development to access additional talent and other support functions to drive cost efficiencies. The benefits from the cost savings from the restructuring in 2016 are expected to have a positive impact into the first half of 2017, with the Group making up to 30% savings in personnel costs in comparison with the first half of 2016. As a result of shifting the business from retail devices to corporate digital wellness, 82% of the Group's revenues are now business to business.

We have started 2017 with a strong pipeline of quality prospects. We have also embarked on a direct-to-corporate sales programme. This will allow Fitbug to focus on creating a greater number of good quality business leads both in the short and longer term, and not rely only on our strategic partners."

"We have successfully brought a digital corporate wellness product to market in an extremely short space of time." Gudmundson summarised. "In 2016 the Group rolled it out to paying customers while simultaneously maturing and better refining the proposition to meet market needs."

Donald Stewart, Chairman, said: "While Fitbug's financial performance in 2016 is what might be expected in a year of turnaround and change of commercial direction, our headline results do not betray the amount of activity which has gone into achieving them. Most importantly in 2016 we have witnessed the economic acorn for future growth: the Group's first sight of recurring service revenues. This is the foundation on which the future of the business will be built.

"We are currently experiencing healthy interest in the Group's products with a continuous flow of enquiries and conversations with direct and indirect customers. Many of these customers are household names and the Board is in no doubt that corporate interest in health and wellness is growing. The Directors believe that this is an idea whose time has come.

"The Board remains mindful, as always, that the road to conversion of many of these potential customers from first contact to sales is long. As a result the Group's needs for further development capital, particularly to expand its bandwidth to deal with the many potential opportunities which it is currently experiencing, continue as the sales process continues to develop."

ETC....

[mudbath] 31/3/2017 10:30

Today has seen a repeat of the 1 share trade which is said to be a possible indicator of upcoming corporate action.
The last one share trade in FITB was followed by those RNSs and the sharp spike.
It comes at a time when the MMs have been keen to pay a good premium for FITB stock.
Interestingly,the 0.25 fund raise saw a subsequent 40% drop prior to that spike.
We have just seen a 40% decline since the 0.20 placing.

[ochs] 30/3/2017 19:05

Thanks, good good - I did the same, managed to sell out at 0.6p on that crazy day in January. The next few months will be interesting - I hope!

[ravin146] 29/3/2017 21:44

Haha nope, I predicted and caught the spike and profited when it got to a ridiculous rise and based on history!I believe there is another due, though not as severe as before as new investor will take the next contract with a pinch of salt until revenue is announced.Check social media, another set of orbs seem to have been delivered to an Asian company's employee. Big name. Dyor Check my posts back in sept-jan 17 for proof, along a few other posters who deserted this bb due to morons like pwhite!Gl, dyor.

[ochs] 29/3/2017 20:01

I guess with the new lows recently hit everyone invested here is currently in the red. I'm in since 0.14p as a speculation. How in the red are you ravin146? You must be in deep by now!

[ravin146] 29/3/2017 18:52

Sure, Pwhite are you invested here?

[pwhite73] 29/3/2017 18:18

ravin146

I lost no money in CTAG. With the household name of Sally Gunnell associated with FITB and a major shareholder still in as far as I'm aware this stock stands a very good chance of rerating. However it is still in the same line of business as CTAG.

[dipla] 29/3/2017 16:51

Who is this pwhite fool?The man down the street is in the same line of business as fitbug...oh forgot to mention he hasn't actually created a product LMAO

[ravin146] 29/3/2017 16:29

Angus any evidence on your speculation?

[angus17] 29/3/2017 15:34

same share graph pattern as CTAG. i.e. letting those in the know exit at a good spike price

[ravin146] 29/3/2017 15:32

Pwhite are you invested here?Lost money in CTAG?

[pwhite73] 29/3/2017 13:42

Fitbug had created a product but are giving it away for free to change direction into the corporate well being business. With a former Olympic champion on board they may well yet turn this company around but please don't tell me that CTAG and Fitbug are not in the same line of business because they are.

[ravin146] 29/3/2017 11:47

No it's not, one failed to even create a product the other is in the corporate wellness market and generating revenue.Those that invested in CTAG were fools imo, though it's not something to brag about.Gl to you, and do more research as opposed to outright gambling lol

[pwhite73] 29/3/2017 11:11

Unfortunately they are in the same line of business which has proven to be a failed business model in the UK at least. The question is did Fitbug diversify in time?

[ravin146] 29/3/2017 11:04

AWhite...fitbug has nothing to do with the dreadful and finished CTAG!You need to stop confusing matters!

[pwhite73] 29/3/2017 09:07

A trading update was released on 19/01/2017. Full year results to December 2016 are due in April 2017.

After the CTAG debacle they need to get some positive news out soon or this will just drift.

[ravin146] 29/3/2017 08:47

Quite simply, as I have said many times, Anna needs to announce big contracts with revenue in q1 q2 2017.Looking at the sp, even a trading update. They are hiring but they need to start winning too