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LONDON, UK / ACCESSWIRE / January 13, 2025 / Physitrack PLC (STO:PTRK) London, 13 January 2025 - Physitrack Plc has announced a plan to rationalise its subsidiary, Champion Health, with annualised cost savings expected to reach £400,000, with a £200,000 impact in 2025.
This strategic move follows the recent settlement agreement with the founders of Champion Health and marks a significant step toward streamlining operations and maximising efficiency across the group. The proposed rationalisation involves the integration of Champion Health's teams into Physitrack's operations, encompassing product development, sales, marketing, and engineering, as well as the departure of Champion Health's founders Harry Bliss and Ricky Bailey. This consolidation aims to optimise resource allocation while maintaining the commercial potential of both entities.
"This rationalisation is a crucial milestone in our journey to create a unified group with two complementary products," said Henrik Molin, CEO and co-founder of Physitrack Plc. "By optimising costs and workflows, we are establishing a stronger foundation for the group's financial stability and long-term success."
The restructuring sets the stage for Physitrack's Wellness division to better navigate market conditions following delays in the international rollout of Champion Health's products. With a more efficient operational structure and improved resource allocation, Physitrack is poised to deliver greater value to its stakeholders and capitalise on future growth opportunities.
Enquiries regarding this announcement should be addressed to:
Henrik Molin, CEO, Physitrack.
+44 208 133 9325
ir@physitrack.com
media@physitrack.com
About Physitrack
Physitrack PLC, founded in 2012, is a global digital healthcare provider, focused on the B2B wellness and virtual-first care markets. With staff with 12 nationalities on four continents, customers in 17 time zones, and end users in 187 countries, Physitrack is a truly global company.
The company has two business lines:
1. Lifecare - SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
2. Wellness / Champion Health - SaaS platform for Employee Wellness and care powered by a combination of world-leading technology and wellness professionals based in the United Kingdom, Germany and the Nordics.
Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).