Vodafone H1 Profit From Cont. Ops. Rises, Revenue Down 4.1%; Increases Guidance

Mae Love
November 14, 2017

First-half Group revenue decreased 4.1% to 23.1 billion euros and service revenue decreased 5.6% to 20.6 billion euros.

Vodafone, the second-largest mobile operator globally and majority owner of SA operator Vodacom, raised its forecast for full-year earnings growth to about 10%, from 4-8%.

United Kingdom operator group Vodafone is having a good few months, culminating in the first upward revision of its organic EBITDA growth for ages. The operating profit meanwhile rose 32.5 percent to Euro 2.00 billion, showing the company's actions to improve cost efficiencies.

"We are making good progress in securing regulatory approvals for our merger with Idea Cellular". Vodafone further hiked its interim payout to shareholders by 2.1 percent to 4.84 eurocents.

Looking ahead to the second half, Vodafone will continue to expand its fibre network in Germany, Portugal and the United Kingdom, push its entry into the consumer IoT market with the launch of "V by Vodafone" and the "Digital Vodafone" programme created to enhance customer experience, increase revenues and refine cost efficiencies.

"In India competition remains intense", noted Colao.

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"In the second half of the year we will continue to implement our strategic initiatives, including fibre infrastructure expansion in Germany, Portugal and the United Kingdom; our entry into the consumer IoT market with the launch of "V by Vodafone"; and the "Digital Vodafone" programme created to enhance our customers' experience, increasing revenues and cost efficiency".

Vodafone is targeting an increased share of the broadband market, as it sees more customers take converged fixed-line and mobile products from a single providers. Its Europe segment includes geographic regions, such as Germany, Italy, the United Kingdom, Spain and Other Europe.

Sales in Europe were up 2.5 percent to €16.8 billion with only the United Kingdom registering a decline.

This was due to deconsolidation of its Dutch arm, now merged with Liberty Global's cable company Ziggo (now Vodafone Ziggo), and foreign exchange movements. Average smartphone usage continued to increase in both Europe and AMAP, with customers using 2.1 GB on average per month.

In Africa, the Middle East and Asia-Pacific, sales increased 7.1 percent to €5.7 billion thanks to the performance of Vodafone's opcos in Turkey and Egypt in particular. Taking away the impact of regulation in Europe, growth was at 2.5 percent, unchanged from Q1.

Vodafone India service revenues declined 15.8 percent and adjusted EBITDA was down 39.2 percent. Growth in IoT continued, going to 12.7 percent in H1, mainly pushed by the increase in Sim connections (+36% year-on-year).

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