Vodafone rings up 14% rise in revenue

Source: Agencies | February 4, 2009, Wednesday |

Print Edition

MOBILE phone service provider Vodafone Group PLC said yesterday that its revenue rose 14 percent in the last three months of 2008 compared to the same period a year earlier, led by a 28-percent gain in its Asia, Pacific and Middle East operations.

In a trading update, the company, headquartered in Newbury, England, reported revenue of 10.47 billion pounds (US$15 billion) for the three months ended December 31, Vodafone's fiscal third quarter.

Vodafone also upgraded its full-year revenue forecast by about 4 percent to reflect the declining value of the pound.

Third-quarter revenue rose 15 percent in Europe, driven by foreign exchange movements, and 6 percent in Africa and Central Europe. The pound has fallen sharply against the euro, which magnifies euro-zone sales when the figures are reported in pounds

Service revenue rose 12 percent at Verizon Wireless, Vodafone's joint venture with Verizon in the United States.

"Vodafone is not immune to the wider economic challenges and parts of its European operation are beginning to feel the strain," said Richard Hunter, analyst at Hargreaves Lansdown Stockbrokers.

The company's share price rose 8 percent in a period when the FTSE-100 index fell by 8 percent, Hunter noted.

"Even so, the company's positive outlook has further bolstered the share price in early trade, with the general market view continuing to tend toward the positive as Vodafone displays its cash generative prowess once again," Hunter said.

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Vodafone rings up 14% rise in revenue

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