TomTom books 55% higher profit

Car satellite navigation system maker TomTom booked a 55% increase in net profit last year at €222m. Sales rose 89% to €1.36bn.

TomTom claims to be European market leader in satnav systems and to have around 20% of the US market. The company expects sales to reach between €1.6bn and €1.8bn this year.
TomTom’s main rival Garmin also presented better than expected results last week, ANP reported. TomTom and Garmin are embroiled in several law suits over patents in both the Netherlands and US.

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