Q1 service revenue 1.2% ahead of consensus
Guidance raised, implies analyst upgrades
Shares rise 3.8% in early trading
Matt Britzman, senior equity analyst, Hargreaves Lansdown:
“Vodafone has made an encouraging start to the year, with every part of the business growing and profits rising faster than revenue. Stable growth from Germany was key and better than expected, as demand for broadband picked up and income from other network providers helped balance a competitive mobile market. The UK also moved forward, with the integration of Three on track, and early network upgrades already improving speeds for customers.
There’s still work to do, but the direction of travel is positive, and we should see some consensus upgrades off the back of these numbers. Management now expects results towards the top end of its forecasts, helped in part by the addition of Safaricom, which gives Vodafone more exposure to Africa’s faster-growing mobile and digital payments markets. Investors will now want to see this momentum continue, particularly in Germany, alongside clear synergies and customer benefits from the UK merger.”
Notes to Editors
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