Map supplier AND projects significant turnover and profits

Automotive Navigation Data (AND) has realized strong growth in turnover in the first half of 2010. The company realized an increase in net profit in the first half of the year.

Thanks to a good second quarter and commercial successes at the beginning of the second half of 2010 the company expects turnover in 2010 to increase with at least 34% to a minimum of € 6.7 million.

At that level of turnover AND expects an after-tax profit of at least € 2.3 million.

AND CEO Maarten Oldenhof: “We are very pleased that the growth of more than 30% in 2009 will continue in 2010. In May we have shaken up the market for mobile navigation together with Geolife. Under the Navmii GPS Live label we offer turn-by-turn navigation for a very low price for the iPhone.

Furthermore, we are very pleased with the start of the second half of 2010, as we closed new contracts for our navigation maps of Western Europe. For that reason we expect that turnover this year will amount to at least € 6.7 million compared to a turnover of € 5.0 million in 2009.”

Read more here.

Source: AND.

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