Mapmaker AND expects spectacular growth for 2009

Mapmaker AND expects spectacular growth for 2009

AND ended the 2008 financial year with profits up 8.5%, despite sales being 20% lower than the previous year. Profit after tax reached €1.33 billion, and EPS rose from €0.39 to €0.41. The company expects its EPS will reach around €2 in 2009.

The company expects more opportunities for further organic growth, not only by the continuing strong growth of Smartphones, but also by the efforts of other players in the online market who try to capture a position on the mobile Internet through location-based services.

In the future, almost every mobile electronic device will be fitted with GPS capability, which will result in the increasing use of maps, which leads AND to expect further revenue growth and improved results after 2010.

AND is the third largest digital map provider in its market, but the only independent one. The newly signed contract enables the company to accelerate further development of its advanced database and so position itself even more effectively in the market, with the necessary investments financed entirely from the company's own capital.

CEO Maarten Oldenhof says he is "very satisfied with the developments in 2009 resulting in a spectacular growth in profit," adding that this confirms AND's strategy of organic growth on an independent basis, in a market where several parties have merged. Also, he is optimistic that further organic growth can be achieved in the coming years.

AND has also announced that Mr F Faas wishes to step down from the AND board of supervisory directors. The company will honour his request and will present a proposal for his successor in the near future.

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