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TomTom impresses despite fall
Dutch navigation device maker TomTom posted better-than-expected second-quarter results yesterday and upped its cost-savings target, raising hopes that efforts to manage its debt and update its business model are bearing fruit.
Net profit was €20m (£17.3m), down 61 per cent from a year earlier but beating average analyst expectations of €13m as it sold more navigation devices at higher prices than expected. Chief executive Harold Goddijn said he saw signs that markets had bottomed even as conditions continued to be “challenging”.