Vodafone Group Plc Raises Its Outlook for the Year
November 14 2017 - 2:04AM
Dow Jones News
By Oliver Griffin
Vodafone Group PLC (VOD.LN) said on Tuesday that it was raising
its outlook for fiscal 2018, following a strong performance in the
first half of the year.
The world's second-largest mobile carrier by subscribers said in
the six months ended Sept. 30 that it made a pretax profit of 2.16
billion euros ($2.52 billion), up 55% on the same period a year
earlier.
The company said that revenue fell to EUR23.01 billion, from
EUR24.05 billion in September 2016, which Vodafone attributed to
the deconsolidation of Vodafone Netherlands, and foreign exchange
pressures. The phone network said that its organic service revenue
in the first half of the year grew 1.7%, and also raised the
interim dividend by 2.1% to 4.84 euro cents.
Vodafone said that revenue grew organically in most of its
markets, driven by mobile data and its broadband service. However,
Vodafone also said that competition in India remained intense, with
service revenue declining 15.8% due to intense price
competition.
The company said it was updating its guidance for the year, and
expects adjusted earnings before interest, taxes, depreciation and
amortization, ebitda, to grow organically by around 10%, and added
that it expects it free cash flow to exceed EUR5 billion.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
November 14, 2017 02:49 ET (07:49 GMT)
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