TomTom sales shrink 9% in 2013
Satnav maker TomTom on Tuesday said both net profit and turnover had fallen in the fourth quarter of 2013, as slow car sales had an impact on built-in system sales.
Net profit fell from €99m in the final quarter of 2012 to just €3m, the company said. This was largely due to a tax windfall of €80m in 2012.
Turnover fell from €289m to €268m, a drop of 7%. Full year net profit reached €20m, compared with €129m in 2012. Total group sales fell 9% to €963m and the company is forecasting a further drop to €900m this year.
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