Nov 16, 2020

Vodafone’s shareholders need to keep their eyes on the big prize

Half-year revenues fell a fraction over 2 per cent in the first half and the shares opened 3 per cent higher, before rising throughout the day. The group trumpeted on Monday that revenues were up 1.5 per cent in the second quarter to September, excluding the impact of Covid-19, which halted international travel and reduced roaming charges. Vodafone has held down operating costs which has helped to pump up ebitda margins to above 32 per cent. Vodafone's shares are now yielding a sustainable 7 per cent. Neither version makes a huge contribution to a group that still derives 93 per cent of revenues from security services.

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