Vodafone Group issued its full year financial report on Tuesday, with revenues falling by 6.2 per cent to €43.66 billion, leading to an operating loss for the year of €951 million.
In the build up to the publication of the figures, many analysts speculated that Vodafone would be forced to cut its dividend pay-out. Sure enough, on Tuesday morning Vodafone announced that it would be cutting its dividend from 15.08 cents per share to 9 cents per share.
"We had weaker revenue growth progression as we went through the year and spectrum costs came out more expensive than anticipated and so the board took the decision – a decision that was not taken lightly – to rebase the dividend to 9 Euro cents per share. That was in order to rebuild our headroom and also support the transformation that we are going through as a group at this time. We are really at the pivotal moment as we move in to a 5G world, as we are about to take on the Liberty Global assets and drive convergence," Vodafone Group CEO told Total Telecom at a media briefing in London on Tuesday…read more on TotalTele.com »