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Third quarter with growing revenues for the Vodafone Group

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Third quarter with growing revenues for the Vodafone Group

Vodafone: sustained revenue growth in Europe and Africa. Margherita Della Valle, CEO of the Vodafone Group, commented on the results.

The Vodafone Group presented – on Monday 5 February – the financial data relating to the third fiscal quarter of 2024, highlighting sustained growth in revenues in Europe and Africa.

Sustained Growth in Europe and Africa: Vodafone Group maintained good momentum in service revenues in the third quarter, both in Europe and Africa.
A significant contribution came from the further acceleration of Vodafone Business, with Cloud and Internet of Things services growing over 20%.

Strategic Progress: Della Valle highlighted strategic progress in the first nine months of the year, highlighting improved customer satisfaction and three consecutive quarters of service revenue growth in Europe. The transactions announced in the UK and Spain are progressing well, and – as we well know – discussions are also underway in Italy. The Group has also entered into strategic partnerships with Microsoft and Accenture to accelerate the transformation of its business.

Third Quarter Financial Data: the performance summary in the third quarter of 2024 shows service revenues of €9,383 million, with organic growth of 4.7%. Growth was across the board, with 14 of the 17 markets growing. In Germany, service revenue growth was 0.3%, reflecting a corporate phase and non-recurring revenue from service providers in the second quarter.

Vodafone Business Growing: Vodafone Business services revenue growth accelerated to 5.0%, driven by strong performance in digital services.

Data in a nutshell

In the UK, service revenues increased by 5.2%, supported by continued growth in the Consumer and Business segments. In Italy, service revenues fell 1.3% due to pricing pressure in the mobile segment, offset by strong business demand for cable connectivity and digital services.

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Future perspectives: Vodafone Group reiterated its outlook for the full fiscal year 2024, with adjusted EBITDAaL of approximately €13.3 billion and adjusted free cash flow of approximately €3.3 billion.

Focus on Innovation and Connectivity: Vodafone has highlighted the further expansion of its fiber network in partnership with CityFibre and Openreach in the UK, reaching over 14.5 million households with a fiber connection.

Vodafone in Italy

In Italy, Vodafone Business continued to grow by 7.5%, supported by demand for fixed connectivity and digital services. The Group confirmed the exploration of options for the consolidation of the Italian market in collaboration with various interested parties.

In conclusion, the third quarter results reflect a solid performance from the Vodafone Group, with a particular focus on sustainable growth and strategic partnerships to drive innovation in the telecommunications sector.

Source: vodafone.com/news/ – Photo Credit: Rama Knight Photographer – www.ramaknight.com

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