Vodafone raises full-year outlook after strong first half
Vodafone, the world's second-largest mobile operator, raised its forecast for full-year earnings growth to around 10pc, from 4-8pc on Tuesday after reporting a strong first half helped by demand for data and broadband in Europe.
The company reported a 13pc rise in first-half organic adjusted core earnings to €7.4bn, ahead of market forecasts for €7.08bn.
Chief Executive Vittorio Colao said Vodafone had maintained good commercial momentum and was able to report a substantial improvement in margin and profit growth.
The company said the increased forecast, which implies core earnings of €14.75-14.95bn, reflected stronger than expected underlying revenue growth in Europe and a later than anticipated launch of a new entrant in Italy.
It said free cash flow would also beat its previous expectation, coming in above €5bn rather than around €5bn.