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.<br /><br />Net profit was &euro;20m (&pound;17.3m), down 61 per cent from a year earlier but beating average analyst expectations of &euro;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 &ldquo;challenging&rdquo;.