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Vodafone forecasts further growth in operating profit
2013-05-21 08:53:00| Telecompaper Headlines
(Telecompaper) Vodafone Group reported a small rise in annual adjusted profit, in line with its outlook, and forecast further growth in the current financial year. Adjusted operating profit for the year to 31 March rose 3.7 percent to GBP 11.96 billion, and the mobile operator expects this to grow this year to GBP 12.0-12.8 billion. Revenues were still down 4.2 percent in the past year to GBP 44.45 billion; in the most recent quarter, organic service revenues fell 4.2 percent. Net profit plunged to GBP 673 million from GBP 7.00 billion a year earlier due to GBP 7.7 billion in impairment charges on its operations in Italy and Spain, including GBP 1.8 billion in the second half of the year. Free cash flow fell 8.1 percent to GBP 5.61 billion, but Vodafone increased its dividend 7 percent to 10.19 pence per share. Cash flow in the current year is expected to reach GBP 7.0 billion, including 2.1 billion from Verizon Wireless expected in June.
Tags: growth
operating
profit
vodafone
Category:Telecommunications