Pre-tax profits for the year to December at navigation specialist Trafficmaster rose to £4.7 million from £500,000 a year earlier – in part due to £2.3 million made from an early redemption of bonds, the BBC reported.
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A trebling in sales of its Smartnav system was the other main driver of the increase, Trafficmaster reportedly said – 27,600 units were sold last year and 11 vehicle models have the device fitted as standard.
Trafficmaster told the BBC that Smartnav now accounts for more than 20% of all new units sold in the UK, despite facing increased competition from rival hand-held and personal digital assistant (PDA) units.
Elsewhere in the business its RAC Trackstar division – which allows stolen vehicles to be traced – got a boost from a 35% increase in sales of Trackstar plus and, in the US, its Teletrac fleet management business saw revenues grow by 27.6%, the report added.
