NNG: Strong Growth in Demand for Navigation
NNG LLC, a global leader in Automotive Navigation Solutions, is experiencing significant growth as a result of its strong presence in the GPS navigation market, with 2012 first half revenue up 44% from the same period in 2011.
The company is showing an overall increase in its key indicators due to its success in the automotive sector and a growing demand for its online services.
NNG, a Hungary-based navigation solution provider for cars, portable navigation devices and smartphones, announced its financial results today for the first half of 2012, reporting a strong growth in revenue. The Company realized an increase in year on year gross margin of over 40% in 2011, and forecasts a 60% increase in Gross Margin for 2012, confirming the noticeable upward trend connected to the increase in its sales to automotive industry partners. Despite the declining global demand for Portable Navigation Devices, the company has maintained its legacy revenues from consumer markets, with a strong focus on emerging markets.
GPS navigation industry players are shifting their focus in line with market dynamics, as global end-user preference drives the market toward smartphone navigation and affordable, connected automotive navigation solutions. This has broadened NNG’s market to offer its flagship product, the iGO Navigation range, to a wider audience.
“As a leading navigation solution provider, we are establishing new partnerships with Tier 1 suppliers in the automotive OEM industry. Seven out of the top ten auto brands have selected our Navigation Engine for their infotainment system. We have recorded significant results during the first half of this year, with 80% of our business coming from the automotive industry,” noted Peter Balogh, CEO of NNG.
NNG recognizes that an end-to-end solution is key to meeting consumer expectations for fresh, connected features. The Company’s Naviextras.com portal offers online map and content updates to millions of users worldwide, providing support for more than a thousands of different device types from more than 220 brands around the world. In the first half of 2012, Naviextras.com posted a 102% increase in revenue compared to the same the period in 2011.
“The resources and Assets that we have brought to bear in the market will continue to propel us toward our goal of shipping more than 20 Million navigation engine licenses during the next 3 years”, continued Balogh.
This fall, NNG will move to a large, new headquarters building in Budapest to accommodate its expanding roster of experts in software development. NNG is also expanding its global footprint to react more quickly to market demands. Asia Markets are now directly in the Company’s focus, with new regional offices in India and China that will provide localized expertise in those markets. The company plans to enter the Japanese market as its next step in the globalization effort.