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Vodafone: German CEO steps down

Vodafone has reported full year group revenue up 10.1 per cent to £42.2 billion (€58.4m); full year like for like service revenue declined 1.6 per cent. Vodafone saw a return to growth in Q4 with organic service revenue up 0.1 per cent.

Vittorio Colao, Group Chief Executive, commented:  “It has been a year of continued progress, culminating with a return to organic growth in Q4. We have seen increasing signs of stabilisation in many of our European markets, supported by improvements in our commercial execution and very strong demand for data. In fixed line, revenue trends are improving supported by accelerating customer growth, and our recent cable acquisitions provide a strong platform for further growth. In emerging markets, our good growth trend has continued, driven by rising data penetration and leading network quality and distribution.

“Our Project Spring investment programme is on plan, delivering a significantly improved experience to customers. In Europe, 4G coverage now extends to over 70 per cent of our footprint, and voice quality and reliability have improved noticeably. We now reach 28 million homes with our own, next generation cable and fibre networks. In India, our 3G footprint now reaches 90 per cent of target areas, with 3G data revenue up 125 per cent year-on-year in Q4.

“We have significant opportunities ahead of us, with only 13 per cent of our European mobile customers using 4G, and our market share in fixed services only a fraction of our share in mobile. In addition, businesses around the world are increasingly looking to put mobility at the centre of their own strategies. With the assets and skills we have today, further enhanced by the completion of Project Spring, we will be strongly positioned to provide ever improving services to customers and seize these opportunities.”

Meanwhile, Jens Schulte-Bockum has told the supervisory board of Vodafone Deutschland that he will resign from his position as CEO within the current fiscal year.

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