TomTom cuts targets on sales

DUTCH navigation equipment maker TomTom said yesterday sales of its flagship product fell 16 per cent in the first-quarter and it cut its revenue forecast as it sees an even bigger contraction in the global market in 2011.

In February, TomTom predicted a contraction of 10-15 per cent.

The group said first-quarter sales of portable navigation devices (PNDs) fell 16 per cent from a year ago and were down 61 per cent from the fourth-quarter. TomTom said it now expects full-year revenue to be between €1.43bn (£1.27bn) and €1.48bn, down from a previous target of €1.5bn.