Proactive Investors - Vodafone Group PLC (LON:VOD) reported an acceleration of service revenue growth in the first quarter driven by a strong performance in the UK and improved showings in Germany, Italy and Spain.
The FTSE 100-listed telco also said it had appointed former SAP chief financial officer Luka Mucic to the same role at Vodafone, beginning in September.
Total revenue rose on an organic basis by 3.7% to £10.74bn, an improvement from the 1.9% growth in the previous quarter.
Broad-based service revenue improvement was seen across almost all European markets.
The rate of decline in German service revenue improved to -1.3% from -2.8% in the previous quarter supported by broadband price increases while the UK business saw growth of 5.7%.
Vodafone Business service revenue growth accelerated to 4.5% from 2.9% in the previous quarter driven by a strong performance in digital services.
Despite the uptick in revenue, the firm held financial year 2024 guidance of adjusted EBITDAaL of €13.3bn and adjusted free cash flow of c.€3.3bn.
FTSE 100 called lower ahead of key rate calls
The FTSE 100 is set to open lower on Monday as investors look ahead to a week dominated by rate calls in the US and Europe.
Spread betting companies are calling London’s blue-chip index down by around 33 points after closing up 17.68 points at 7,663.73 on Friday.
The US Federal Reserve will announce its rate decision on Wednesday, with the European Central Bank following suit a day after. Both central banks are expected to raise their respective interest rates by 25 basis points.
Elsewhere, it’s a big week of corporate updates with a number of FTSE 100 heavyweights reporting.
Today, it is the turn of telco, Vodafone, while the economic calendar has flash PMI prints from the EU, UK, and US.