Fitbug shares dive as it widens FY loss, mulls fund-raising

Shares in online personal health and wellbeing services provider Fitbug have fallen almost a quarter after it booked an impairment-dented set of full year results and mulled a potential fund-raise.

Impairment of stock totalled £0.74m, from £48,000, with write-off of software development costs at £0.57m, from nil. Revenue was £1.3m, from £2.3m, while pre-tax loss was £6.5m, from a loss of £3.8m.

Fitbug reported an encouraging start to 2016 trading with first quarter sales in the Corporate Wellness sector significantly increased over like-for-like sales in first quarter 2015.

The company also said it has agreed a further loan from NW1 Investments Ltd for an amount of £121,000, repayable by 31 July 2017.

It is also considering a potential equity fund-raise and is in talks with NW1 and Kifin Ltd about the current debt the AIM-quoted company has with these entities.

"The company intends to use the funds secured today to meet short term working capital requirements while discussions with NW1 and Kifin progress," it said.

At 15:35 BST, Fitbug's shares were down 22.22% to 0.52p.