Company no longer in the red.
Having fought for its survival through some pretty dire straits in its time, Vodafone was probably better placed to react to the effects of the recession than many companies. I’m not just wildly speculating there, I have Vodafone’s forth quarter financial results to back me up.
Vodafone saw group revenue of £10.47 billion, a 14.3 percent increase on the same quarter last year. Yearly revenue predictions are now up to £40.3 to £41.5 billion estimate from the previous £38.8 to £39.7 billion expected.
Interestingly, though, in Europe Vodafone was apparently only ‘saved’ by a “strong foreign exchange” which brought service revenue up 15 per cent. Organically, that revenue actually fell by 1.4 per cent year on year due to the weakening economic climate. A slight Catch 22 situation for Vodafone then; though it seems to have grabbed hold of the better end of the stick luckily.
Also of help to Vodafone is a £1 billion cost saving programme. While that won’t have been fully enacted until 2011, but progress thus far is having the intended result apparently.
Now I swear I’m going to leave financial results alone for as long as I possibly can. At least I ended this quarter’s coverage on a relative high.