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Vodafone Update for Quarter Ended 31 December 2019

Financial results News - Published on Thu, 06 Feb 2020

Image Source: telegraph.co.uk
Vodafone CEO Nick Read said “I am pleased with the pace at which we have executed our commercial and strategic priorities, which has allowed us to maintain our momentum in the quarter. Competition in Europe remains challenging, primarily in the value segment, however we continued to improve customer loyalty and to grow in broadband, and we achieved good growth in Africa. We expect a further gradual improvement in service revenue growth in Q4, led by Europe. We have recently announced the proposed sale of our stake in Vodafone Egypt, which simplifies the Group into two scaled regional platforms – Europe and sub-Saharan Africa – and reduces our net debt. We have also appointed the senior management team for our European TowerCo, and we are preparing for a potential IPO in early 2021.”

Highlights

Continued organic service revenue growth in Q3, up 0.8% (Q2: 0.7%)

Similar performance in Europe (Q3: -1.4%, Q2: -1.4%), with ongoing recovery in Spain and acceleration in the UK offset by a tougher prior year comparison in Italy. Retail revenues grew in Germany, supported by strong cable broadband net adds

Good growth in Rest of the World (Q3: 9.1%, Q2: 8.9%) as continued recovery in South Africa was partially offset by lower growth in Turkey

Source :

Posted By : TelecomGuru on Thu, 06 Feb 2020
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