Overview
- Group revenue rose 7.3% to €19.6bn, largely from adding Three’s results, with Germany back to growth and the UK up 1.2%.
- Management now guides to the top end of ranges for adjusted core earnings (€11.3bn–€11.6bn) and free cash flow (€2.4bn–€2.6bn) this year.
- The board introduced a progressive policy with a 2.5% dividend increase for the year and an interim payout of 2.25 eurocents per share.
- Vodafone announced a €500m share buyback and is accelerating integration to target about £700m in annual cost synergies, steps expected to involve restructuring and job reductions.
- CEO Margherita Della Valle said the UK Budget is “not a big thing” for Vodafone, citing momentum in the home market, as the shares gained about 5%.