Vodafone revenues hit by European recession

Suzie Neuwirth

TELECOMS company Vodafone today unveiled a 4.2 per cent decline in group revenue for the year, due to challenging economic and regulatory conditions in Europe.

Group revenue fell to £44.4bn and EBITDA was down 3.1 per cent to £13.3bn.

“Thanks to further strong progress this year in our key areas of strategic focus -data, enterprise and emerging markets - and an excellent performance from Verizon Wireless, we have achieved good growth in adjusted operating profit and adjusted earnings per share,” commented group chief executive Vittorio Colao.

“However, we have faced headwinds from a combination of continued tough economic conditions, particularly in Southern Europe, and an adverse European regulatory environment.”