May 16, 2017

Vodafone shares rise as telecoms group raises forecasts

Vodafone has promised a stronger performance in the current fiscal year after its Indian travails and customer service problems in the UK contributed to a €6.1bn loss in the year to March. Shares in Vodafone rose 3.5 per cent to 218.25p after the UK telecoms company raised its guidance for underlying profit growth. The company has since merged the Indian unit with rival Idea Cellular and this week rolled its Kenyan subsidiary into the Vodacom company in controls in South Africa as the realignment of Vodafone's assets under Vittorio Colao, chief executive of Vodafone, continues apace. Vodafone raised its dividend 2 per cent to 14.77 euro cents a share for the year to March and said it would raise that again next year as part of its "Progressive" policy. "While Vodafone is executing well on strategy, we see a risk of slower revenue trends in the next couple of months, due to specific factors. We continue to believe that a tie-up with Liberty Global would be the best option for Vodafone," he said.

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