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Vodafone organic service revenue up 2.3%

Staff Writer |
Vodafone announced results for the six months ended September 30, 2016. H1 Group organic service revenue was up 2.3%; H1 Group revenue down 3.9% to €27.1 billion.

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Q2 organic service revenue growth was 2.4%, led by improvement in Europe to 1.0%; AMAP grew 7.1%. H1 Group organic EBITDA growth was 4.3% to €7.9 billion, supported by strong cost control.

Other highlights:

Breakeven free cash flow (FCF), reflecting lower capital additions and seasonal working capital outflows.

Non-cash impairment in India of €5.0 billion, net of tax, due to increased competition.

Full year guidance narrowed: EBITDA now €15.7-€16.1 billion (3-6% organic growth), FCF at least €4.0 billion.

Interim dividend per share of 4.74 eurocents, up 1.9% based on the 31 March 2016 year-end conversion rate.

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