May 18, 2021
Vodafone to increase capital expenditure for network expansion
Vodafone has signalled that it will increase its capital expenditure to invest in expanding its networks as part of the next phase in its growth strategy. The group highlighted that about 70 per cent of the EU's €750bn pandemic recovery fund, which will provide loans and grants designed to encourage investment, will be in markets where Vodafone operates. Vodafone shares opened more than 6 per cent lower on Tuesday in London, at 133p. The stock has risen 9.3 per cent this year. Vodafone did not immediately detail how much it expects to invest but the move follows the likes of BT and KPN of the Netherlands, which have pledged to increase network investment in recent weeks. Vodafone said it expected free cash flow to rise to €5.2bn this year compared with €5bn in the year to March, while earnings before interest, taxation, depreciation and amortisation and leases would rise from €14.4bn to between €15bn and €15.4bn..
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