The 2019 numbers are in for navigation specialist Tomtom and it appears the mapping expert has encountered some roadblocks. In Q4 2019, the Amsterdam-based company reported sales of 156 million euros, a 10 percent drop year on year. Additionally it reported a net loss of 69 million euros, compared to last year’s 1.4 million euro profit in the same quarter. Despite this fourth-quarter stumble, the company still managed an overall sales growth of 2 percent for FY 19.
Notwithstanding the difficulties in 2019, the company still expects to reach its 2020 destination as planned. “2019 was an important year for Tomtom. We finalized the telematics divestment and became a more focused location technology business,” says CEO Harold Goddijn. “Our advanced mapping platform technology translated into a leading HD map market position and the enterprise business showed strong revenue growth. We are pleased with our 2019 financial results, in line with our latest guidance, and are excited to see our automotive backlog growing to 1.8 billion euros. For 2020 we expect our location technology business to continue to grow.”