Mobile and broadband provider Vodafone said it expects revenue growth in Germany, its largest market, to return this year, boosting cash flow, after it said on Tuesday that results for the year to the end of March were in line with expectations.
The group, which has operations across Europe and Africa, reported adjusted core earnings of 10.9 billion euros ($12 billion) and said it had hit its 11 billion euro target once hyperinflation in Turkey was taken into account.
Chief Executive Margherita Della Valle has restructured Vodafone, selling its businesses in Spain and Italy and agreeing a merger in the UK. The deal, which is due to close in the coming weeks, will make Vodafone the leader in the UK mobile market.
But it was hit by a one-off change in German cable TV contract rules, which led to a 5% drop in service revenue in the country last fiscal year.
“Looking ahead, we expect broad-based growth in Europe and Africa, with Germany also returning to revenue growth this year,” she said.
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