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Vodafone Announces H1 2010/11 Results and Strategy Update

09 Nov 2010Technology

Strong results: Improved revenue growth, upgraded full year profit guidance

  • Q2 Group organic service revenue growth of +2.3% – with improved revenue trends in all regions

  • H1 EBITDA margin 32.6% – trend in line with expectations

  • Strong performance at Verizon Wireless

  • Full year guidance for adjusted operating profit increased to £11.8 billion to £12.2 billion

  • Free cash flow guidance confirmed to be in excess of £6.5 billion

  • Accelerated realisation of SoftBank interests for £3.1 billion

Strategy update: creating a more valuable Vodafone

  • A regionally focused Group: Europe, Africa and India

  • A winning growth strategy:

  • Mobile data: accelerate exploitation of mobile data growth opportunity

  • Enterprise: selective expansion in growth segments

  • Emerging markets: drive penetration and data across attractive footprint

  • Total Communications in Europe: continued capital efficient approach

  • New services: growth opportunities including machine-to-machine and financial services

  • Exploit scale to enhance efficiency and deliver cost benefits

  • Generate free cash flow or liquidity from non-controlled assets building on the China Mobile and SoftBank disposals

  • Rigorous application of capital discipline to enhance shareholder returns

Vittorio Colao, Group Chief Executive, commented:
“I am pleased to report a further improvement in organic service revenue growth, together with upgraded guidance. We have also today announced an updated strategy, which positions Vodafone to realise further value from non-controlled assets, take full advantage of the most valuable telecommunications growth opportunities ahead and which will deliver sustainable revenue growth, stabilising margins and strong free cash flows.”


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