Nov 14, 2017

Vodafone lifts full-year profit forecast as recovery bears fruit

Vodafone raised its expectations for full-year profit for the first time since at least the year 2000 after it reported a stronger than expected start to the year. The company's share price rose 5 per cent in morning trading on Tuesday to 227.5p. Vodafone's group operating profit rose 32 per cent to €2bn in the first half and the company raised its interim dividend by 2 per cent. Profit before tax increased to €2.1bn from €1.4bn. The results were seen as a culmination of the reshaping of Vodafone in recent years. Vodafone has not raised its profit guidance since the turn of the century and before that did not set out financial targets. Vodafone continued to struggle in the UK, its home market, where its revenue decline widened to 3 per cent in the second quarter from 2.7 per cent in the first quarter.

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