 has announced that it will change its name to Kin Wellness, after changing its focus to corporate wellness solutions.){kind=link}
AIM-listed wellness provider Fitbug (LON:FITB) has announced that it will change its name to Kin Wellness, after changing its focus to corporate wellness solutions.
The change of trading name will came into effect on Tuesday, with a change of name from Fitbug Holdings to Kin Group plc still needing to be approved by shareholders. The company, which previously focused on consumer products such as fitness trackers, will now move to a new corporate wellness business model.
In a statement, Fitbug said the directors believe that the word Kin “signifies interconnectivity of people and their communities and colleagues” and “conveys the brand values of trust, empathy, personal, human, friendliness and inclusivity”.
Anna Gudmundson, CEO, commented: “Changing the company name signifies a further major step in our ambitious transformation strategy, where we’ve effectively shut down the consumer business to focus on the growing corporate wellness market, which was estimated at $43.3 billion in 2015 by the Global Wellness Institute, according to whom the global workplace wellness industry grew at 6.4 percent from 2013 – 2015 as organisations place more importance on keeping their employees motivated, well and healthy.”
Shares in Fitbug fell 10 percent yesterday, despite confirming that it started 2017 with a strong pipeline and reduced its full-year pre-tax loss. It recorded a full-year loss of £3.5 million, an improvement of 42 percent on the loss of £6.3m achieved in 2015. Revenues fell to about £1.1 million, from £1.3 million.
Shares rose on the news of the name change on Tuesday, currently trading up 2.04 percent at 0.125 (1034GMT).