logo
Plus   Neg
Share
Email

Vodafone Q1 Organic Service Revenue Down 0.2%; Affirms Full Year Guidance

Vodafone Group Plc (VOD.L,VOD) reported that its first-quarter Group revenue declined 2.3% to 10.65 billion euros due to foreign exchange rate effects. First-quarter organic service revenue declined 0.2%.

Vodafone Group said trading during the first quarter was in line with management's expectations underlying fiscal 2020 outlook. The Group is confident in its full year guidance of: adjusted EBITDA of 13.8 billion euros - 14.2 billion euros, and free cash flow (pre-spectrum) of at least 5.4 billion euros.

Nick Read, Group Chief Executive, said: "Our service revenue growth improved during the first quarter, led by Italy, and mobile churn fell to another record low. Following a significant quarter of commercial activity, we expect the gradual recovery in our service revenues to continue, underpinning our financial outlook for the year."

Separately, Vodafone Group Plc said it is proceeding with plans to monetise a substantial proportion of its European tower infrastructure during the next 18 months. Vodafone will legally separate its passive tower assets to create a new TowerCo, which will be operational by May 2020. Vodafone plans to monetise TowerCo with an IPO or disposal of a minority stake in TowerCo. The Group will use the proceeds to reduce debt.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
European Union has ordered Broadcom (AVG) to stop applying certain exclusivity agreements with six of its main customers. According to European Union, this will prevent serious and irreparable harm to competition likely to be caused by Broadcom's conduct. In June, the European Commission opened... Amazon.com Inc. (AMZN) announced that it will live stream behind the scenes of its Robotics Fulfillment Center to for students pursuing STEM and Computer Science education. Amazon said on Thursday, October 17 at 7:00 p.m. ET / 4:00 p.m. PT, teachers and students can go online to Twitch to watch and... Walmart has rolled back prices on more than 200 additional toys in stores and online as it braces for the upcoming holiday season. The retail giant is now offering more than 400 toys at a special price, thanks to its already existing rollbacks on toys. In August, Walmart unveiled its list of top-rated toys for 2019 that were selected by kids.
Follow RTT
>