TomTom announces fiscal year 2006 revenue

TomTom announces fiscal year 2006 revenue
TomTom announced today its 2006 earnings. The revenue was €1,364 million, an increase of 89% year on year. The company shipped 4.7 million Portable Navigation Devices, up 178%. Its net profit increased by 55% to €222 million.

TomTom expects that the European and North American market for PNDs will together grow to around 18 million units in 2007, up from over 10 million units in 2006. Full year 2007 revenues are expected to be in the range of €1.6 billion to €1.8 billion. The company targets a gross margin of around 40% of revenue and an operating margin of around 20% of revenue.

While Garmin expects its auto/mobile segment to grow by 50% in 2007, TomTom gives a conservative figure: 18% to 32% increase.

Friday, February 23rd 2007

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