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Vodafone Q1 Group Revenue Up 5.7%

Vodafone Group Plc. (VOD.L,VOD) reported that group revenue for the first-quarter of fiscal year 2022 increased 5.7% year-over-year to 11.10 billion euros, supported by service revenue growth in Europe and Africa, and a recovery in handset sales following COVID-19 disruption in the prior year. On an organic basis, quarterly revenue growth was 5.6%.

On an organic basis, Group service revenue growth of 3.3%, with growth across Consumer and Business segments.

Roaming and visitor revenue grew 56% year-on-year, but still 54% lower than the first-quarter of fiscal year 2020.

Europe mobile contract churn 1.6 percentage points lower than the first-quarter of fiscal year 2020 (pre-pandemic), but commercial activity yet to return to normal conditions.

The company said it is on track to deliver fiscal year 2022 guidance with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros.

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