Vodafone starts a 'new chapter' forecasting stronger growth
Vodafone's Strategic Transformation and Financial Performance
Full-Year Earnings and Growth Forecast
LONDON, May 12 (Reuters) - Vodafone said it was entering a "new chapter" as a simpler business focused on markets including Germany, Britain and Africa that would deliver stronger growth after its full-year earnings came in at the top end of its guidance.
The British mobile and broadband company reported a 3.8% rise in core earnings to 11.4 billion euros for the year to end-March, at the top of its forecast after a 0.2 billion euro adjustment for foreign exchange and inflation in Turkey.
It said it expected core earnings to rise to between 11.9 billion euros and 12.2 billion euros this year.
Leadership and Company Restructuring
Chief Executive Margherita Della Valle said she had transformed the sprawling group into a simpler company with a stronger growth outlook over the last three years, noting the company had returned to top-line growth in Germany.
"We are now well set for mid-term growth," she said on Tuesday.
Recent Deals and Market Focus
Vodafone last week agreed to buy its partner CK Hutchison's 49% stake in VodafoneThree, taking full ownership of Britain's biggest mobile operator a year after it was created.
The deal was the final step in Della Valle's plan to focus on Vodafone's biggest markets that had already seen the company exit Spain and Italy and agree to sell its 50% stake in Dutch joint venture VodafoneZiggo to partner Liberty Global.
Impact on Share Price and Market Outlook
The strategy has driven a sustained increase in Vodafone's shares, which rose to 122 pence on Monday, the highest since August 2022.
(Reporting by Paul Sandle. Editing by Sarah Young and Mark Potter)
