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Vodafone boosted by German buys

November 12, 2019

Vodafone group has reported improved revenue growth with boosts in Spain and Italy and as it integrates its German cable acquisition.

It said organic service revenue rose 0.3 per cent in the first half, as it returned to growth in the second quarter, while organic core earnings rose 1.4 per cent.

It increased its forecast for adjusted core earnings to €14.8 billion – €15 billion from its previous forecast of €13.8 billion – €14.2 billion.

Apart from in India – where it is embroiled in a legal dispute with the government over licence fees – CEO Nick Read said the picture was encouraging: “This is reflected in our return to top-line growth in the second quarter, which we expect to build upon in the second half of the year in both Europe and Africa.”

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