Results round-up: Fitbug Holdings

Shares in Fitbug Holdings are down 10% despite confirmation it had started 2017 with a strong pipeline and reduced its full-year pre-tax loss.

"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," said chairman Donald Stewart.

"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," he said in a statement.

Stewart said Fitbug was experiencing healthy interest in its products.

Fitbug produced a full-year loss of £3.5m, which was an improvement of 42% on the loss of £6.3m achieved in 2015. Revenues fell to about £1.1m, from £1.3m.

The company said it had started 2017 with a strong pipeline of quality prospects, and had 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," said chief executive Anna Gudmundson.