Vodafone revenues drop on competition in Germany and the UK

Vodafone revenues have dropped by 3.5 per cent in the quarter ended 30 June as competition intensity has increased, with declines of 5.1 per cent in Germany and 4.5 per cent in the UK (release).

Elsewhere, conditions in southern Europe resulted in revenues falling by 17.6 in Italy and 10.6 in Spain.

Vittorio Colao, chief executive, commented:

We have made a good start to the year in our areas of strategic focus: growth in emerging markets has accelerated, we now have over 5 million customers benefiting from Vodafone Red, and 4G is live in ten markets. In addition, the proposed acquisition of Kabel Deutschland will create an excellent platform for our unified communications strategy in our most important market. Although regulation, competitive pressures and weak economies, particularly in Southern Europe, continue to restrict revenue growth, we continue to lay strong foundations for the longer term.