First-half revenue rose 11.4% to €21.9bn (€21.2bn expected), helped by acquisitions including Safaricom. Within that, Service revenue came in at €18.4bn, reflecting organic growth of 5.8%.
Underlying cash profit (Adjusted EBITDAaL) grew 6.4% organically to €6.5bn.
The underlying free cash outflow narrowed from €0.6bn to €0.4bn. Net debt ended the period at €33.5bn, up from €25.4bn in March, reflecting the VodafoneThree buyout and the Safaricom deal.
An interim dividend of 2.306 eurocents was announced, up 2.5%.
For the full year, Vodafone now expects underlying cash profit of €13.2-13.4bn (previously €13.0-13.3bn) and free cash flow of €2.8-3.0bn (previously €2.6-2.9bn).
The shares were broadly flat in early trading.
Our view
HL view to follow.
Vodafone key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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