Nov 16, 2020

Vodafone hit by decline in roaming income

Vodafone's revenues dipped 2.3 per cent in the first half of the year as the Covid-19 pandemic pushed down roaming income and handset sales. Nick Read, Vodafone's chief executive, said: "Covid-19 and the reduction in roaming revenues, through the significant reduction in international travel, is currently obscuring our underlying commercial progress, with quarter two service revenue growing by 1.5 per cent excluding roaming." "Today's results underline increased confidence in our full-year outlook," said Mr Read. Jerry Dellis, an analyst at Jefferies, said Vodafone had reported a "Notable" improvement in its performance in Spain and the UK. Vodafone will on Tuesday provide more financial details on its flotation of its towers division, Vantage Towers, including the size of the listing, funds that it intends to raise, and dividends. Vodafone intends to keep a majority stake in the business. Vodafone shares opened up 3.5 per cent in early trade.

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