By Joe Hoppe

Vodafone Group PLC said its Vantage Towers portfolio rose over the first nine months of fiscal 2021 and reaffirmed its full year targets, ahead of the planned spin-off of the European telecom tower company.

The U.K. telecommunications group said Vantage Towers' portfolio in the nine months ended Dec. 31 rose by 450 new macro sites to 82,000 macro sites, with a presence in 10 European markets. Around 1,400 new tenancies were added over the period, and new agreements were signed with Eir and Three in Ireland, and Spanish industry body AOTEC.

Vodafone said that in the first nine months, Vantage Towers' revenue was 725 million euros ($878.7 million), while adjusted earnings before interest, taxes, depreciation and amortization was EUR620 million.

The company reaffirmed its fiscal 2021 targets for Vantage Towers, including a recurring cash flow of EUR375 million-EUR385 million, and an adjusted Ebitda of EUR520 million-EUR530 million, after adjusting to reflect accounting reassessments under accounting standard IFRS 16.

Vodafone said Vantage Towers is on track for a total dividend payout of EUR280 million for fiscal 2021.

Vodafone said on Feb. 3 that an initial public offering of Vantage Towers is firmly on track for early 2021.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

February 15, 2021 02:50 ET (07:50 GMT)

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