Friday 15 December 2017

Satnav maker TomTom’s earnings rise in third quarter

NAVIGATION device manufacturer TomTom has reported a 9.6pc rise in third-quarter earnings.

The good news is mostly because of lower restructuring charges, but the company's operations also strengthened from the previous quarter and its debts are declining.

Net profit was €28.9m, from €19.3m a year ago, when it took a €20m restructuring charge, the company said on Monday.

Revenues fell 10pc to €336m due to an ongoing fall in device sales to consumers in the US and Europe. But sales are up 7pc since June on higher revenues from carmakers.

TomTom plans to cut an unspecified number of jobs this year. The company is recovering from a near-bankruptcy after the 2008 crisis struck. Net debt fell to €316m at quarter's end.

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