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Vodafone sales up 14%, raises outlook on forex boost February 4, 2009

Posted by aikservices in Financial, Mobile Network Operator, UK, Vodafone.
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Vodafone Group reported revenues for the three months to December of GBP 10.47 billion, up 14.3 percent from a year earlier on the back of positive currency effects and takeovers. On an organic basis, sales fell 1 percent year-on-year, as growth in Africa and Asia could not offset a decline in the mobile operator’s mature markets in Western Europe. Vodafone added 9.5 million new mobile customers in the period, led by its Indian operation gaining over 6.3 million and Vodacom in Africa adding over 1 million. The company finished 2008 with 289 million customers, proportionate for its ownership in subsidiaries. Due to the decline in pound sterling, Vodafone has increased its operating profit outlook for the full year by GBP 500 million, to GBP 11.5 billion, and raised the free cash flow forecast by GBP 300 million, to a range of GBP 5.5-6.0 billion. Revenues are now estimated at GBP 40.6-41.5 billion, up from the previous outlook of GBP 38.8-39.7 billion. Vodafone CEO Vittori Colao said in a statement that the underlying outlook remains the same, with results in the past quarter similar to the previous three months. He also reiterated a target for GBP 1 billion in cost savings by March 2011, of which half are expected by March 2010.

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