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Amended: Vodafone Group Sees Q1 Performance In Line

(Amended: Revenues in billion, not million as incorrectly reported earlier)

Telecommunications service provider Vodafone Group Plc (VOD) on Monday said it sees Q1 performance in line with expectations, citing continued growth in both Europe and Africa.

Group Service Revenue grew 2.5 percent, to 9.51 billion euros during the quarter, versus 9.39 billion euros last year. Service Revenue in Germany declined by 0.50 percent, attributed largely to the impact of the new Telecommunications Act. Europe Growth was supported by the growth acceleration in the U.K.

Total revenue increased to 11.3 billion euros from 11.1 billion euros in the first quarter of the previous financial year.

The company also said that it was on track to deliver on the earlier guidance for fiscal 2023, with Adjusted EBITDAaL, a non-GAAP measure expected to be between 15.0 - 15.5 billion euros. Adjusted Free Cash Flow expected is expected to be approximately 5.3 billion euros.

Shares of Vodafone Group closed Friday's trading at $15.66, up 0.24 or 1.56 percent from the previous close.

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