Satellite navigation systems maker TomTom said on Tuesday it had booked a 31% drop in sales in the final quarter of 2011, booking net profit of €12m, compared with €52m in the year-earlier period.

In particular, consumer sales of its satnav systems were down 40% in the fourth quarter and 28% over the full year, in what chief executive Harold Goddijn said were ‘tough market conditions’.
The company expects to ‘deliver revenue of around €1.1bn and adjusted earnings per share of around €0.35 this year’, TomTom said in a statement.
In December, TomTom said it is to cut 10% of its workforce – some 457 jobs – as part of a major overhaul to boost efficiency and cut costs.
In total, 255 people face compulsory redundancy, half of them in the Netherlands. The company said at the time the reorganisation is necessary to reflect changes in the market and the switch towards inbuilt systems.