Vodafone says on track for 15 billion to 15.4 billion euros in adjusted earnings

Finance | 23 Jul 2021 3:03 pm

Mobile operator Vodafone reported a better-than-expected 3.3 percent rise in first-quarter service revenue on Friday, including a one-off gain of around 1.0 percentage point following coronavirus disruption last year, Reuters reports.

Chief Executive Nick Read said the company was back to service revenue growth in Europe as well as Africa.

"This growth was broad-based within both Consumer and Business segments, with the vast majority of our markets contributing," he said.

Analysts on average expected a rise of 1.4 percent.

Vodafone said it maintained momentum in its biggest market Germany, with growth accelerating to 1.4 percent against 1.2 percent in the fourth quarter, while both Britain and Spain returned to quarter-on-quarter growth as coronavirus restrictions eased.

Continued price competition in Italy resulted in a 3.6 percent decline in service revenue against a 7.8 percent decline in the previous quarter.

Vodafone said it was on track to deliver its full-year targets of 15 billion to 15.4 billion euros in adjusted earnings and adjusted free cash flow of at least 5.2 billion euros.


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