Fitbug shares have been halted

 
Lynsey Barber
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Corporate wellness is paying off for Fitbug (Source: Getty)

Shares in Fitbug have been halted temporarily after earlier being energised by the British tech firm announcing a new deal to sell its wearables to a company workforce.

The stock rocketed more than 130 per cent in early trading after announcing a deal with an unnamed global financial services firm based in Asia to use its devices to monitor staff health.

Shares then shot up by more than 300 per cent in the afternoon before being halted, pending an announcement.

The initial one year "corporate wellness programme" deal will include giving the device to 14,000 workers as well as services revenue.

The Aim-listed company is attempting to turn itself around, moving away from consumer sales to focus on the growing trend of corporate wellness.

Sales for the six months to the end of June fell 26 per cent compared to the same period last year while pre-tax losses were nearly halved to £1.6m.

Shares are still well off highs experienced in 2014 when the device got pick up among major retailers.

Wearable fitness trackers have struggled to take off among consumers and live up to the earlier hype among with bigger US rivals such as Fitbit and Jawbone also struggling in recent months.

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