Fitbug Holdings (AIM:FITB) it’s tough to be a bug!
Interim results from the AIM quoted provider of online personal health and wellbeing services highlight the challenge of growing in a sector populated by some big cash rich players.
The results statement highlighted that the Group remains “focussed on increasing market share in the prospective and rapidly growing wearable health sector”. With cash rich US rival Fitbit Inc. continuing to expand massively both inside and outside its US heartland, as we commented previously, it’s becoming very tough for Fitbug. Fitbug has just reported revenues of a modest £991,000 for the six months ended 30 June 2015. (H1 2014: 914,000) and pre-tax loss of £3,215,000 (H1 2014: loss of £1,610,000) reflecting increased investment in the ongoing development of its innovative product range, notably Kiqplan. Cash at 30 June 2015 was…