Navman Wireless UK, the country's largest provider of vehicle tracking has defied the continuing financial crisis by almost doubling profits - and has pledged to increase its investment in product development to help businesses cut costs.
With a 90 per cent increase on the pre-tax profits of 2007, from £2.16m to £4.11m, Executive Vice President Tony Neill has attributed the impressive figures to the company's progressive business model and has vowed to find new ways of boosting business efficiencies.
"While many companies have kept their hands firmly in their pockets throughout these tough financial times, Navman Wireless has continued to invest and innovate," he said.
In the 12 months since December 2008, the company has channelled a multi-million pound investment into R&D and marketing, while continuing to recruit the best talent to drive the business forward.
"With vehicle tracking being one of the fastest growing business technologies in the world, we need to be steadfast in our commitment to providing the best system available if we want to remain at the fore of the industry," Tony added.
"These strong financial results will help us emerge from the recession stronger than ever and provide a springboard for further investment in our products and service to customers."
The company's remarkable increase in profits in a time of unprecedented global economic conditions is testament to the thousands of companies who, like Navman Wireless, see innovation as key to surviving the recession.
"Vehicle tracking not only improves productivity and operating efficiency for its users, it can also save them hundreds of thousands of pounds a year - in such difficult economic times, this is an invaluable asset," said Tony.
Navman Wireless UK's turnover for the 12 month period to December '08 was £17.16m. Globally, the company boasts more than 7,500 customers across 10 countries with more than 100,000 tracked vehicles.