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Vodafone Group publishes H1 FY23 financials; claims to be making good progress on operational and portfolio priorities

15 Nov 2022

Vodafone Group has published its financial results for the six-month period ended 30 September 2022 (H1 FY23), reporting a total turnover of EUR22.93 billion (USD23.67 billion), representing a 2% year-on-year increase, while group service revenue totalled EUR19.21 billion, up from EUR19.01 million in the year-ago semester. According to the company, group service revenue trend was impacted by declines in Germany, Italy and Spain, although this was offset by ‘acceleration’ in the UK as well as continued good growth across ‘Other Europe’ and Africa. Further, the group reported adjusted EBTIDAaL of EUR7.24 billion for H1 FY23, down from EUR7.57 billion in the corresponding period a year earlier, driven by a ‘material prior year legal settlement, and commercial underperformance in Germany’. Operating profit for the six-month period stood at EUR2.93 billion, up from EUR2.62 billion in H1 FY22, while network profit was EUR1.240 billion, down marginally from EUR1.277 billion.

With regards to operational metrics, Vodafone Group reported a group mobile subscription base totalling 280.35 million as of 30 September 2022, up from 277.78 million a year earlier, with subscriptions in Europe accounting for 110.20 million of the total, up from 108.99 million. Fixed broadband subscriptions also continued to grow, albeit more slowly, reaching 24.84 million at the end of the first half of its current fiscal year, compared to 24.70 million at September 2021.

Commenting on the company’s performance, Vodafone Group CEO Nick Read said: ‘In the context of a challenging macroeconomic environment, we are delivering a resilient performance this year, alongside making good progress with our operational and portfolio priorities … We are taking a number of steps to mitigate the economic backdrop of high energy costs and rising inflation. These include taking pricing action across Europe, whilst at the same time supporting our most vulnerable customers and driving energy efficiency measures across the business.’

United Kingdom, Vodafone Group

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