British telecoms giant Vodafone Group has published its financial results for the six months ended 30 September 2017 (H2 2018), reporting that group revenue was down 4.1% year-on-year at EUR23.1 billion (USD26.9 billion) from a restated figure of EUR24.1 billion a year earlier, mainly due to foreign exchange movements and the deconsolidation of Vodafone Netherlands. In terms of regional revenue contributions, the Europe division generated the lion’s share at EUR16.9 billion in the period under review, down from EUR17.6 billion in the corresponding period a year earlier, while the Africa, Middle East and Asia Pacific (AMAP) unit reported turnover of EUR5.7 billion (EUR5.9 billion previously). Group EBITDA, meanwhile, improved 4.2% y-o-y to EUR7.4 billion, with organic EBITDA increasing by 13% y-o-y. Adjusted operating profit rose by 32.5% y-o-y in the six months under review to EUR2.0 billion, while profit for the period was EUR1.2 billion, compared to a loss of EUR5.0 billion in H2 2017, which was impacted by a EUR5.0 billion net impairment of the Group’s operations in India.
The company has updated its full year guidance, saying that it now expected organic adjusted EBITDA growth of around 10% (previously 4-8%), equivalent to between EUR14.75 billion and EUR14.95 billion at guidance exchange rates. The group also forecasts free cash flow (pre-spectrum) to exceed EUR5 billion (previously ‘around EUR5 billion’).
In operational terms, at the end of September 2017 Vodafone Group’s mobile customer base totalled 275.7 million, up from 269.0 million twelve months earlier, of which 115.5 million subscribers were taking a service in Europe (September 2016: 121.7 million), and 160.2 million coming from its AMAP operations (147.4 million). In the fixed broadband arena, Vodafone Group reported a total of 15.4 million accesses at 30 September 2017, up from 14.0 million at the end of September 2016.