Vodafone, group revenues down in the first half of the year
Vodafone closes the first half of the year with group revenues down 4.3% to 21.9 billion euros due to unfavorable changes in exchange rates and the sale of Vantage Towers, Vodafone Hungary And Vodafone Ghana in the previous financial year, and an operating profit down 44.2% to 1.7 billion.
Service revenues are growing, up 4.2% at group level on an annual basis. Good improvement in Germany (first quarter: -1.3%, second quarter: 1.1%) and continued acceleration in Vodafone Business with growth of 4.4% in the first half of the year. Guidance for fiscal year 2024 confirmed with a EbitdaaL adjusted “essentially flat” at around 13.3 billion euros and free cash flow of around 3.3 billion euros.
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“During the first half of the year – underlined the CEO Margherita Della Valle – we delivered better revenue growth in almost all of our markets and returned to growth in Germany in the second quarter. The transformation of Vodafone it is proceeding. Our focus on customers and simplifying the business is starting to bear fruit, although there is still much to do. We have also announced transactions to strengthen our position in the UK and exit the complex Spanish market to right-size our portfolio for growth.”
Vodafone: trend improves in Italy but energy price weighs
Vodafone Italy closes the first half of the year with revenues from services of 2.098 billion euros, down 1.3% but with an improving trend compared to the previous year. Fixed network revenues grew by 8% driven by growth in fixed business connectivity and digital services for businesses.
THE revenues from services decreased by 1.3% “due to continued pressure on prices in the value segment, partly offset by the strong demand for fixed network connectivity and digital services”, explains the company in a note, underlining that “the improvement in quarterly performance was supported by the seasonal increase in mobile roaming and visitor revenues”.
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Mobile service revenue fell 5.1%. Broadband services are now available to 23.6 million households. Added to this are services that now cover 3.9 million households and businesses via 5G FWA and a further 1.5 million via 4G FWA. The second brand I have. Mobile reaches 3.1 million customers.
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