May 17, 2022
Vodafone targets deals as it warns on inflation hit
Vodafone said it is targeting deals in the European telecoms market as the FTSE 100 group warned that inflation would be a drag on its performance this year. The UK-based telecoms group forecast adjusted ebitda of between €15bn and €15.5bn for the 12 months to the end of March 2023, short of analysts' consensus of €15.6bn. Vodafone said it would generate €5.3bn of free cash flow, down from €5.4bn last year. "The current macroeconomic climate presents specific challenges, particularly inflation, and is likely to impact our financial performance in the year ahead," Vodafone said. Although Read has voiced his ambitions for deals in markets including Italy, Spain and the UK, Vodafone rejected a lowball bid from Iliad for its Italian business in February and failed to secure a deal with Spain's challenger telecoms group MasMovil in spite of months of negotiations. The Financial Times reported last week that Vodafone had reopened discussions with the Hong Kong infrastructure conglomerate CK Hutchison to combine its UK operations with Three UK. In Germany, a market that analysts had been watching closely and which accounts for about 30 per cent of the group's total service revenue, Vodafone reported a 1.1 per cent rise in service revenue and a 6.5 per cent increase in adjusted ebitda to €5.7bn..
Related companies
Make a complaint about Vodafone by viewing their customer service contacts.
