NNG: strong growth in demand for navigation

Budapest-based NNG, a navigation supplier for automotive, personal navigation device and smartphone manufacturers, presented its financial results for the first half of 2012, which show strong revenue growth.
The company achieved more than 40% gross margin growth over the same period last year and expects 60% gross margin growth in 2012, primarily due to growth in automotive sales. Despite the global downturn in the PND market, the company has also retained revenue from consumer markets, with a greater emphasis on emerging markets.

Players in the GPS navigation sector are turning their attention to automotive navigation solutions developed for smartphones and complemented by affordable internet services in the wake of market changes. The constant evolution of user needs allows NNG to build its user base worldwide with its leading product, the iGO navigation software engine.

“As a leading supplier of navigation solutions, we are building relationships with automotive suppliers in turn. Seven of the top ten car brands have chosen our navigation engine as part of their new multimedia unit. We were able to record significant results in the first half of the year, as 80% of our business is in the automotive industry, ”said Péter Balogh, Managing Director of NNG.

NNG recognized in time that providing comprehensive solutions can only meet the expectations of the user market with innovative Internet services in mind. The company’s Naviextras.com portal offers online software and map updates to millions of users around the world. NNG's official update portal, it supports more than 220 different device types from more than 102 brands. In the first half of this year, Naviextras.com showed a XNUMX% revenue increase over the same period last year.

“Our invested resources and tools will go a long way in achieving our goal of selling more than 3 million navigation licenses worldwide over the next 20 years,” continued Péter Balogh.

NNG, which will change its headquarters in Budapest in the autumn, will relocate its ever-expanding team of high-performance software developers to a new and larger office. The company, which consists of 80% developers, will have 2012 employees by the end of 400. The company is also working to anticipate customer needs by expanding its international presence. To serve the high-priority Asian market, NNG has opened new offices in India and China. In the next phase of globalization efforts, the company will want to break into the Japanese market.

 

Source: Press release