Nov 12, 2019

Vodafone upgrades profit guidance by up to €1bn

Vodafone has upgraded its profit guidance for the year by up to €1bn as disposals and its move to bulk up in Germany helped to offset its woes in India. Vodafone also adjusted its free cash flow guidance to be "Around" €5.4bn compared to its former guidance of "At least" that number due to the situation in India where a supreme court decision to levy a huge penalty against its joint venture has hit its local operation hard. Vodafone recorded a loss in the first half of €1.9bn largely as a result of its Indian trouble. Vodafone reported growth of 0.3 per cent in the first half driven by a stronger performance in the second quarter of the year. Nick Read, chief executive of Vodafone, said that Vodafone had produced a more consistent performance.

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