May 14, 2019

Vodafone cuts payout to shareholders

Vodafone has swung to a full year loss and cut its dividend to shareholders to help reduce its debts. The reduction in the dividend to 9 euro cents a share from 15.07 cents contradicts a pledge in November by new chief executive Nick Read to maintain the payout. The mobile phone giant pays one of the biggest dividends in the UK. The €7.6bn loss was in part caused by the sale of Vodafone India. "These challenges weighed on our service revenue growth during the year, and together with high spectrum auction costs have reduced our financial headroom." He said the dividend was being "Rebased" to allow further growth and cut back on debt.

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