Vodafone 1Q Was in Line; Backs Fiscal Year 2023 Guidance -- Update
July 25 2022 - 3:17AM
Dow Jones News
By Kyle Morris
Vodafone Group PLC said Monday that performance in its first
quarter of fiscal 2023 was in line with its expectations after
continued growth in Europe and Africa and that it is on track to
deliver fiscal 2023 guidance.
The U.K.-based telecommunications company said revenue for the
three months ended June 30 was 11.28 billion euros ($11.52 billion)
compared with EUR11.10 billion a year earlier. Group service
revenue growth was 2.5% on an organic basis, it said.
In Germany, service revenue declined 0.5% organically,
predominantly reflecting the impact of a new telecommunications
act. Europe growth was bolstered by an acceleration in growth in
the U.K., it said.
In Africa, growth was supported by an expansion of data revenue
and financial services, with the M-Pesa customer base increasing to
almost 50 million in the quarter.
The company said it is on track to deliver fiscal 2023 guidance,
with adjusted earnings before interest, taxes, depreciation and
amortization of between EUR15.0 billion and EUR15.5 billion.
"We have executed in line with our expectations, delivered
another quarter of growth in both Europe and Africa, and seen an
acceleration in business growth. Whilst we are not immune to the
current macroeconomic challenges, we're on track to deliver
financial results for the year in line with our guidance," Chief
Executive Nick Read said.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
July 25, 2022 03:02 ET (07:02 GMT)
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