Vodafone Cuts Dividend After Swinging to Fiscal Year 2019 Loss

Date : 05/14/2019 @ 7:56AM
Source : Dow Jones News
Stock : Vodafone Grp. Plc ADS Each Representing Ten Ordinary Shares (VOD)
Quote : 15.92  0.24 (1.53%) @ 11:00PM

Vodafone Cuts Dividend After Swinging to Fiscal Year 2019 Loss

Vodafone (LSE:VOD)
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   By Adria Calatayud 
 

Vodafone Group PLC (VOD.LN) said Tuesday that it is cutting its full-year dividend, having increased payouts to shareholders without interruption since 1998, as it reported a swing to a loss for fiscal 2019.

The U.K. telecommunications company declared a full-year dividend of 9 European cents a share, down from 15.07 European cents a share a year earlier. The company had previously said it expected to maintain its full-year dividend unchanged on year.

Vodafone reported a pretax loss for the year ended March 31 of 2.61 billion euros ($2.94 billion) compared with a profit of EUR3.88 billion in fiscal 2018, it said.

Adjusted earnings before interest, taxes, depreciation and amortization--the company's preferred profit measure--rose 3.1% on an organic basis, in line with the company's guidance of around 3% underlying organic growth, Vodafone said.

Revenue for fiscal 2019 fell 6.2% to EUR43.67 billion from EUR46.57 billion, the company said. Analysts had forecast revenue of EUR45.01 billion, according to a consensus based on estimates by 15 analysts provided by FactSet.

For the year ahead, Vodafone guided for adjusted Ebitda of between EUR13.8 billion and EUR14.2 billion and free-cash flow before spectrum costs of at least EUR5.4 billion.

Vodafone also said it is launching 5G services in seven cities across the U.K. on July 3.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 

(END) Dow Jones Newswires

May 14, 2019 02:41 ET (06:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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