Vodafone Group Returns to Organic Service Revenue Growth in 3Q
February 03 2021 - 2:46AM
Dow Jones News
By Adria Calatayud
Vodafone Group PLC said Wednesday that it returned to organic
service revenue growth in the third quarter of fiscal 2021, after
two quarters in decline, and reiterated its guidance for the full
year.
The U.K. telecommunications group said service revenue--a
closely-watched metric which tracks sales of telecom services--was
up 0.4% for the quarter ended Dec. 31 on an organic basis, with a
1.1% decline in Europe offset by other markets. Organic service
revenue in Germany, Vodafone's largest market, rose 1.0% for the
quarter, the company said.
Total revenue for the quarter was 11.20 billion euros ($13.49
billion), down 4.7% on year.
Vodafone said it continues to expect adjusted earnings before
interest, taxes, depreciation and amortization for the year ending
March 31 to be between EUR14.4 billion and EUR14.6 billion, and
free cash flow to be at least EUR5 billion before spectrum and
restructuring costs.
The company said an initial public offering of its European
telecom tower company, Vantage Towers, is firmly on track for early
2021.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
February 03, 2021 02:31 ET (07:31 GMT)
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