Group increases its profit guidance for second time in three months after strong performance in UK, India, Turkey and Africa
A seven per cent growth in UK revenue in Q3 has contributed to Vodafone adjusting its total group profit guidance to be at the “upper end” of the £11.8 to £12.2 billion range it originally announced in November 2010.
This, the company said did not take into the recently announced commencement of iPhone sales in the US.
The rise in UK profits to £1.3 billion was driven by a 29.5 per cent growth in data revenue – confirmation that the number of Vodafone smartphone customers is up.
Growth came too, from strong performances in the company’s Turkish (31 per cent increase), Indian (16.7 per cent) and African, Middle Eastern and Asia Pacific (9.3 per cent) markets.
But Vodafone’s European markets did not fair as well as hoped overall – revenues were down by 7.4 per cent in Spain and 3.1 per cent in Italy put down to “continued economic weakness” and price competition in both countries.
Vodafone chief executive Vittorio Colao (pictured) said: “ This is the fifth successive quarter of service revenue growth improvement, with strong results from India, Turkey, the UK and Vodacom [Vodafone’s South African branch].
“In addition, Verizon Wireless continues to show strong momentum. Our performance has been driven by the effective execution of our strategy to strengthen our businesses and deliver growth, particularly in data services and emerging markets.”