Vodafone makes strong connection in first half

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.”