Voda­fone makes strong connection in first half

The Scotsman - - Perspective / Letters To The Editor -

0 The group is now ex­pect­ing its an­nual earn­ings to come in be­tween €14.75bn and €14.95bn Tele­coms gi­ant Voda­fone swung to a half-year profit yes­ter­day and upped its growth out­look de­spite pres­sures in its In­dia busi­ness.

The FTSE 100 group recorded a €1.2 bil­lion (£1.1bn) profit for the six months end­ing in Septem­ber, up from a €5bn loss over the same pe­riod last year.

The boost came af­ter the group booked a €5bn charge linked to its In­dian op­er­a­tion dur­ing the six-month pe­riod in 2016.

In a dou­ble dose of cheer, Voda­fone also hiked its ful­lyear earn­ings growth tar­gets from be­tween 4 per cent and 8 per cent to around 10 per cent. It means the com­pany is ex­pect­ing an­nual earn­ings of be­tween €14.75bn and €14.95bn.

Chief ex­ec­u­tive Vit­to­rio Co­lao said competition in the In­dia mar­ket was “in­tense”, but­the­grouphad“main­tained good com­mer­cial mo­men­tum”. He added: “En­ter­prise rev­enues con­tinue to grow, led by our in­ter­net of things, cloud and fixed ser­vices.”

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