Vodafone Group reports revenue growth in Q1 FY23

25 Jul 2022

Vodafone Group has recorded revenue growth in the first quarter of its current fiscal year (Q1 FY23), reporting a total turnover of EUR11.278 billion (USD11.5 billion) for the three months ended 30 June 2022, up from EUR11.101 billion in the corresponding period a year earlier. Service revenue growth was also recorded for the quarter under review, with a 1.3% year-on-year increase to EUR9.514 billion, while organic service revenue growth reached 2.5%.

Vodafone Group noted that in Europe, a 0.5% service revenue decline in Germany – which it claimed largely reflected the impact of the implementation of the new Telecommunications Act – had been offset by a notable acceleration in the UK; a 6.5% y-o-y increase in service revenue in that country was attributed to contractual price increases and subscription growth. Of further note, meanwhile, the Group highlighted a 35.8% annual increase in service revenue in Turkey, which had been driven by higher inflation; the group said that with Turkey now meeting the requirements to be designated as a hyperinflationary economy under IAS 29 ‘Financial Reporting in Hyperinflationary Economies’, it has applied hyperinflationary accounting for amounts reported by the business unit for the period commencing 1 April 2022.

In terms of operational indicators, Vodafone Group reported a group mobile subscription total of 277.071 million as of 30 June 2022, up from 272.401 million a year earlier, of which 109.160 million were attributable to its European operations, up from 108.181 million at June 2021. Fixed broadband subscriptions across the group reached 24.738 million at the end of the quarter, up marginally from the 24.575 million reported for end-June 2021, while pay-TV subscriptions totalled 18.144 million at the end of the latest reporting period, down from 18.500 million.

United Kingdom, Vodafone Germany, Vodafone Group, Vodafone Turkey, Vodafone UK