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Vodafone Q1 Trading In Line With Its Expectations; Affirms 2021 Adj. EBITDA Outlook

Vodafone Group Plc (VOD.L) reported first quarter total revenue of 10.51 billion euros, compared to 10.65 billion euros, previous year. Total revenue declined 2.8% on an organic basis. Total service revenue was 9.11 billion euros, compared to 8.99 billion euros. Organic service revenue was down 1.3%, for the quarter. The Group noted that COVID-19 crisis had a significant impact on service revenue in its first quarter.

Nick Read, Group Chief Executive, said: "Our trading performance in the first quarter demonstrates the relative resilience of our operating model and focused delivery of our strategic priorities. Whilst we have seen the direct impact on our revenue from travel restrictions and business project delays, we have also seen increased usage in voice and data, alongside record NGN broadband customer net additions in Europe."

For fiscal 2021, the Group's adjusted EBITDA outlook unchanged - remains 'flat to slightly down'. Vodafone Group reiterated its fiscal 2021 guidance for at least 5.0 billion euros of free cash flow (pre-spectrum).

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