LONDON (Reuters) – Mobile and broadband provider Vodafone said it expected to return to top-line growth in Germany, its largest market, this year, driving an increase in cash flow after it said it met expectations for the year to end-March on Tuesday.
The group, which operates in Europe and Africa, reported adjusted core earnings of 10.9 billion euros ($12 billion), which it said met its 11.0 billion target when hyperinflation in Turkey was taken into account.
Chief Executive Margherita Della Valle has reshaped Vodafone by selling its operations in Spain and Italy and agreeing a merger in Britain, where it will become the mobile market leader when the deal completes in the next few weeks.
But it was hit by a one-off change in German cable TV contract rules, resulting in a 5% decline in service revenue in the country in the last financial year.
“Looking ahead, we expect to see broad-based momentum across Europe and Africa, and for Germany to return to top-line growth during this year,” she said.
($1 = 0.8887 euros)
(Reporting by Paul Sandle; editing by Sarah Young)
Comments