Vodafone group revenue down 1.9%

Vodafone's group revenue has dropped by 1.9% to £43.6bn for the year to 31 March.

Vodafone UK: 'power to...' by Rainey Kelly Campbell Roalfe/Y&R
Vodafone UK: 'power to...' by Rainey Kelly Campbell Roalfe/Y&R

The telecom giant's annual profits reached £59.4bn however, supported by the £45bn sale of Verizon Wireless.

Vodafone said it experienced revenue declines in all of its major European markets.

The company said its emerging markets businesses have delivered "strong organic growth this year", due to combining good local execution on marketing and distribution, with "leading network quality".

In particular, the brand maintained, data usage in emerging markets was "really taking off," which provided further growth potential for the group, although the operations had been offset by "ongoing pressures in our European operations, from a combination of a weak macroeconomic environment, regulatory headwinds and stiff competition."

Vittorio Colao, Vodafone chief executive, said: "Our operational performance has been mixed.

"The group’s emerging markets businesses have performed strongly throughout the year – we have executed our strategy well and have successfully positioned ourselves for the rapid growth in data we are now witnessing.

"In Europe, where we continue to face competitive, regulatory and macroeconomic pressures, we have taken steps to improve our commercial performance, particularly in Germany and Italy, and are beginning to see encouraging early signs.

"I am confident about the future of the business given the growth prospects in data, emerging markets, enterprise and unified communications," he said, adding that the company expected to see a stronger network and service differentiation later this year through wider 4G coverage in Europe and 3G coverage in emerging markets.