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Vodafone returns to growth in EBITDA, service revenue in H1

2015-11-10 08:33:00| Telecompaper Headlines

(Telecompaper) Vodafone reported a return to organic EBITDA growth in the first half and said it expects to reach the high end of its annual organic EBITDA outlook. EBITDA increased 1.9 percent on an organic basis to GBP 5.786 billion in the fiscal first half to September, and revenues rose 2.8 percent to GBP 20.266 billion. Organic service revenue was up 1.0 percent year-on-year to GBP 18.430 billion, as growth of 6.4 percent in Africa, Asia and the Middle East offset a 1.3 percent fall in Europe. Reported EBITDA was still down 1.7 percent, and revenues fell 2.3 percent, hurt by currency effects. Vodafone said it will switch to reporting in euros from 2017 in order to limit the forex effect. Vodafone posted a net loss for the first half of GBP 1.584 billion, versus a profit of GBP 5.501 billion a year ago, due to a provision for deferred tax after revaluation of assets held in Luxembourg. Its free cash flow moved to a negative GBP 541 million in the first half, due to increased capital spending under its Project Spring, but the company still expects positive cash flow over the full year. Vodafone increased its interim dividend by 2.2 percent to 3.68 pence per share. 

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