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Vodafone Meets Full-Year Expectations, Pulls Guidance on Covid-19 Uncertainty

Vodafone, the world’s second largest cell operator, met expectations with a 2.6 per cent rise in full-year core earnings to 14.9 billion euros ($16.10 billion), however didn’t give a present 12 months outlook as a result of uncertainty brought on by the coronavirus.

“We are experiencing a direct impact on our roaming revenues from lower international travel and we also expect economic pressures to impact our customer revenues over time,” it stated on Tuesday.

“However, we are also seeing significant increases in data volumes and further improvements in loyalty, as our customers place greater value on the quality, speed and reliability of our networks.”

The firm stated given the uncertainties and impacts of the worldwide pandemic it was not capable of present adjusted core earnings steerage for the present 12 months.

But it stated that primarily based on evaluation of the worldwide financial system, it might be flat to barely down, in comparison with a rebased 14.5 billion euros for 2020.

It did present steerage free of charge money movement earlier than spectrum prices, which underpins its dividend, saying it might be no less than 5 billion euros.

Vodafone Chief Executive Nick Read minimize the corporate’s dividend a 12 months in the past, relieving instant stress on the group’s stability sheet. It maintained its full-year payout at 9.00 euro cents a share.

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