Vodafone on the up as Sarin steps down

27 May 2008

Vodafone Group, the world’s largest mobile phone operator by sales, has posted net income of GBP6.7 billion (USD13.2 billion) for the twelve months ending March 2008, reversing the GBP4.9 billion loss of last year. Revenue rose 14.1% year-on-year to GBP35.5 billion – slightly above analyst expectations – on the back of increased data sales, growth in emerging markets and positive currency exchange rates. The Newbury-based company said that it expects fiscal 2009 revenue to reach between GBP39.8 billion and GBP40.7 billion, and operating profit for 2009 between GBP11 billion and GBP11.5 billion. At 31 March 2008 the total subscriber base stood at 260.5 million, up 26% in the last twelve months. ‘The group continues to drive revenue growth, particularly in respect of its communications strategy for data and fixed broadband services and in emerging markets,’ Vodafone said in a statement.

Vodafone also revealed that Arun Sarin will step down as CEO after five years in the job. He will be replaced by his deputy, Vittorio Colao.

United Kingdom, Vodafone Group