techkenyot.com
techkenyot.com November 18, 2017


Vodafone rebounds into first-half net profit

14 November 2017, 03:57 | Hattie Nash

Vodafone is expanding its fibre infrastructure in Germany Portugal and the UK

Vodafone

In a double dose of cheer, Vodafone also hiked its full-year earnings growth targets from between 4% and 8% to around 10%.

In the six months to 30 September, Vodafone reported a 13% increase in organic adjusted EBITDA to €7.4bn as the adjusted EBTIDA margin improved by 2.5 percentage points to 32%.

Analysts said Vodafone was benefitting from a combination of investment in its mobile and fixed line networks and cost cutting.

"The anxiety or worry of finishing data is gradually going away", he added, referring to customers' concerns about using up data allowances in their monthly plans.

Analysts, however, speculate that a broader tie up with cable firm Liberty Global, which has already combined with Vodafone in the Netherlands, would make sense.

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Shares jumped 4.12% to 224.95p in early trading.

Vodafone is targeting an increased share of the broadband market, as it sees more customers take converged fixed-line and mobile products from a single providers. Vodafone Group PLC had 306 analyst reports since July 22, 2015 according to SRatingsIntel. The stock of Vodafone Group plc (LON:VOD) earned "Buy" rating by UBS on Tuesday, October 27.

The firm was up 4% in morning trading on the London Stock Exchange, after it recorded a 1.2 billion euro (£1.1 billion) profit for the six months ending in September, up from a 5 billion euro (£4.5 billion) loss over the period a year ago.

The company said the increased forecast, which implies core earnings of €14.75bn-€14.95bn, reflected stronger than expected underlying revenue growth in Europe and a later than anticipated launch of a new entrant in Italy.

"In the second half of the year we will continue to implement our strategic initiatives, including fibre infrastructure expansion in Germany, Portugal and the United Kingdom; our entry into the consumer IoT market with the launch of "V by Vodafone"; and the "Digital Vodafone" programme created to enhance our customers' experience, increasing revenues and cost efficiency".

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It said free cash flow would also beat its previous expectation, coming in above €5bn rather than about €5bn.

"There are however signs of positive developments in the Indian market, with consolidation of smaller operators and recent price increases from the new entrant".

The telecoms giant said its joint venture between Vodafone Netherlands and Ziggo, in which it owns a 50% stake, was hit by intense price competition in mobile.

It means the company is expecting annual earnings of between 14.75 billion euros (£13.15 billion) and 14.95 billion euros (£13.33 billion).

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