Vodafone reported a 7.3% rise in first-half revenue to €19.6bn. Service revenue rose 5.7% organically to €16.3bn, with a return to growth in Germany over the second quarter.
Underlying cash profit (Adjusted EBITDAaL) grew 6.8% organically to €5.7bn. There was a free cash outflow of €0.8bn, an improvement of €0.3bn. Net debt ended the period at €25.9bn.
A dividend of 2.25 eurocents was announced and €3.0bn of its €4.0bn share buyback programme is complete, with the next €500mn tranche commencing today.
Full-year guidance has been tightened to the upper end of the prior range, with underlying cash profit expected between €11.3–11.6bn and underlying free cash flow between €2.4–2.6bn. Vodafone also introduced a new progressive dividend policy, targeting a 2.5% increase this year.
The shares rose 6.6% in early trading.
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Vodafone key facts
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