Vittorio Colao: “Vodafone’s results are stabilizing in many EU countries”.

Tougher mobile competition in Spain led to a decline in revenues at Vodafone, which is in the middle of a £19bn infrastructure upgrade programme.

The telecoms group said like-for-like sales had fallen 4.2 per cent to £9.4bn in the three months ending in June, with growth in Africa, Middle East and Asia failing to offset shrinking sales in Europe.

“The mobile market is also moving towards lower-tier handsets and SIM-only plans which Vodafone is having to respond to with pricing cuts.”

Vittorio Colao, chief executive, called the overall results “in line”, and confirmed the company’s outlook for 2015, when the company expects earnings before interest, tax, depreciation and amortisation to be in the range of £11.4bn to £11.9bn.

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source: Financial Times



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