Vodafone chief says performance is just ‘not good enough’

The boss of Vodafone has admitted the telecoms group’s performance is “simply not good enough” after it reported another slowdown in revenues.

Margherita Della Valle, interim chief executive, said: “Although we’re continuing to target our financial guidance for the year, the recent decline in revenue in Europe shows we can do better.”

The FTSE 100 company reported revenue of €11.64bn (£10.29bn) at the end of its third quarter, down from €11.68bn in the same period last year.

Mobile service revenue fell 1.3pc to €9.5bn. The slowdown was driven by declines in Vodafone’s business in Germany, Italy and Spain. Revenues in the UK grew 5.3pc.