Mapmaker AND increased profit in FY08

Important contract signed with undisclosed US customer

Mapmaker AND increased profit in FY08
Dutch mapmaker AND released this week its financial results for 2008 which have slightly increased over the previous year with earnings per share of €0.41 (against €0.39 the previous year) and a profit after tax of €1.3 million compared to €1.2 in 2007.

At the same time AND has announced that “based on a signed agreement, the company expects to achieve multiples of its 2008 sales and result for 2009. AND has recently signed a license agreement with a large US company for the use of its maps of Western Europe. As a result, AND expects sales to triple and profit to increase five-fold in 2009. Earnings per share in 2009 are expected to grow to around € 2.00.” At this stage AND was not willing to disclose the name of this customer.

The Dutch company also indicated that “through the newly signed contract, the company is able to accelerate further development of its advanced database […]. The required investments can be financed entirely from the company’s own capital.”

Wednesday, April 22nd 2009

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