This is why telecoms giant Vodafone grew its operating profits over the last half year

Telecoms giant Vodafone grew its operating profits in the past half-year after delivering a period of “resilient” trading.

Monday, 16th November 2020, 8:16 am
Updated Monday, 16th November 2020, 8:22 am
Photo issued by Vodafone of Katherine Jenkins singing to care home residents, their families and staff in a live-streamed concert from her garden.

It told investors on Monday that its performance was “in line with expectations” over the period to September 30.

It said revenues fell by 2.3% to 21.4 billion euros (£19.2 billion) as “good underlying momentum” was offset by the impact of Covid-19 on roaming, while it also sold fewer handsets.

Nick Read, group chief executive of Vodafone, said: “Today’s results underline increased confidence in our full-year outlook.

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“We are reporting a resilient first-half performance and we continue to see good commercial momentum across the group.

“The results demonstrate the success of our strategic priorities to date, namely increasing customer loyalty, growing our fixed broadband base, driving digitisation to simplify the company and capture significant cost savings, and deliver 5G efficiently through network sharing.”