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Vodafone posts 3.3% rise in Q1 revenue as Europe returns to growth

Vodafone posts 3.3% rise in Q1 revenue as Europe returns to growth

FILE PHOTO: Different types of 4G, 5G and data radio relay antennas for mobile phone networks are pictured on a relay mast operated by Vodafone in Berlin, Germany April 8, 2019. REUTERS/Fabrizio Bensch

LONDON: Mobile operator Vodafone reported a better-than-expected 3.3 per cent rise in first-quarter service revenue on Friday (Jul 23), including a one-off gain of around 1.0 percentage point following COVID-19 disruption last year.

Chief Executive Nick Read said the company was back to service revenue growth in Europe as well as Africa.

"This growth was broad-based within both Consumer and Business segments, with the vast majority of our markets contributing," he said.

Analysts on average expected a rise of 1.4 per cent.

Vodafone said it maintained momentum in its biggest market Germany, with growth accelerating to 1.4 per cent against 1.2 per cent in Q4, while both Britain and Spain returned to quarter-on-quarter growth as COVID-19 restrictions eased.

Continued price competition in Italy resulted in a 3.6 per cent decline in service revenue against a 7.8 per cent decline in the previous quarter.

Vodafone said it was on track to deliver its full-year targets of 15.0-15.4 billion euros in adjusted earnings and adjusted free cash flow of at least 5.2 billion euros.

Source: Reuters/jt

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