Sci-tech

Vodafone reports 'robust' revenue as it eyes bigger stake in Vodacom

Vodafone reports 'robust' revenue as it eyes bigger stake in Vodacom

In the three months to the end of June, underlying service revenue rose 2.2% year-on-year to €10.3bn (£9.2bn, $12bn), driven higher by growth across all markets except the United Kingdom and India.

Vodafone Group plc (LON:VOD) was one of the biggest risers on the FTSE 100 today after a well-received first quarter trading update, which revealed a 2.2% increase in organic service revenue to €11.5bn.

Group revenue dipped 3.3 per cent to €11.5bn (£10.3bn), with revenues in Europe falling 4.8 per cent to €8.3bn, while revenues in Africa, the Middle East and Asia Pacific rose 1.2 per cent to €2.9bn.

A 4.8% drop in Europe offset a 1.2% increase in EMEA.

The company had a mobile ARPU (average revenue per user) of Euro 6.1 for the April-June 2017 quarter.

Vodafone Romania is a subsidiary of Vodafone Group. "Our focused investment strategy delivered a further improvement in our revenue market share in our leadership circles, based on regulatory disclosures for the prior quarter", the telco said.

But the company's 14.2% decline in voice revenue in the April-June period is a tad higher than the 13.2% fall in the prior quarter as the "benefit of higher incoming revenue and a larger customer base was offset by a 32% on-year decline in voice prices as the market moved to unlimited voice tariffs", Vodafone India said.

Revenues in the United Kingdom continued to fall but the rate of decline slowed as it reported a drop of 2.7pc, to €1.8bn (£1.6bn), compared to a fall of 4.8pc in the previous quarter.

The company said that its organic service revenue declined 13.9% as a result of continued price competition from the new entrant and incumbents.

Vodafone Romania had a total of 9.57 million customers for mobile, fixed voice and machine to machine services for the quarter ending June 2017, 420,241 more compared to the same period of past year.

"Vodafone India has been classified as discontinued operations for Group reporting purposes".

Vodafone's TV customer base in Germany stood at 7.7 million as of June 30 and was unchanged on three months earlier.

Last year, Vodafone struggled from added competition and tough new rules which led to an annual loss of €6.1 billion ($7.1 billion) after a write-down worth a €5 billion ($5.8 billion) on its Indian operations, where intense competition pushed the company to make a merger worth $23 billion with local rival Idea Cellular in March this year.

Mr Colao went on to say that the performance gives Vodafone confidence in reiterating the company's outlook for the year.


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