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Vodafone Q2 organic service revenue growth 1.2 percent

Staff writer |
Vodafone posted second quarter organic service revenue growth of 1.2 percent, an improvement on the 0.8 percent it saw in the first quarter.

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Core earnings for the six months to end-September rose 1.9 percent to 5.79 billion pounds, beating expectations of 5.69 billion, as investment in its networks started to pay off.

"We have reached an important turning point for the group with a return to organic growth in service revenue and EBITDA in the first half of the financial year," chief executive Vittorio Colao said on Tuesday.

He said Europe was stabilizing, with seven out of 13 markets growing organic service revenue in the first half, and southern Europe in particular showing a strong rate of recovery.

A steady improvement in the economic climate in Europe has coincided with Vodafone being able to offer 4G services to 80 percent of its customers after heavy investment in its networks over the last two years.

But markets remained competitive, Colao said, and European service revenue still fell in the second quarter, although the trend was improving.

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