Vodafone sees turnaround as profits for 2018 hit £2.5bn

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Revenue fell 2.2 per cent to £46.5 billion while a merger in India is on the cards

Vodafone reported today (May 15) profit for 2018 rose 15.3 per cent to £2.5 billion (€2.8bn) for the three months ending March 31.

Revenue fell 2.2 per cent to £46.5 billion compared to last year, due to the deconsolidation of Vodafone Netherlands and fluctuating currency rates.

Operating profit was up 15.4 per cent to £3.7 billion (€4.3bn) on last year’s figure. EBITDA also saw a boost, by 11.8 per cent £12.9 billion (€14.7bn).

On the same day the operator announced group CEO Vittorio Colao will step down from his post in October after a decade in the job. CFO Nick Read will take up the helm.

The operator giant announced it expects its Indian arm to merge with rival Idea Cellular, by June.

Commenting on the results, Colao said: “This was a year of significant operational and strategic achievement and strong financial performance.

“Our sustained investment in network quality supported robust commercial momentum: we added a record number of fixed NGN and converged customers in Q4, mobile data usage continues to grow strongly and we grew both revenues and margins in Enterprise, despite roaming headwinds, and continued to reduce operating costs.”

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