Vodafone on an upward curve after positive revenue and earnings data

Revenue and earnings climbed at Vodafone Ireland in the 12 months to March 31st, 2022, new accounts from the company showed.

But the company reported an operating loss of €26.3 million for the year, driven by investment in the business and the tail end of the Covid-19 restrictions that chilled international travel. That compared to a loss of €38.3 million in the previous year. The company also narrowed its pretax losses to €29.8 million for the year, down from €44.7 million in 2021.

The latest accounts filed with the Companies Office for the mobile network show a 2 per cent year-on-year rise in revenue, with total turnover at €936.4 million for the 12 months. That was partly down to increased roaming and visitor revenue as international travel normalised and higher fixed-line revenue.

Operating costs

Earnings before interest, taxation, depreciation and amortisation were up 5.3 per cent to €319 million.

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Operating costs were 1.8 per cent lower year-on-year as the company’s network site operating costs fell for sites transferred to Vantage Towers in June 2020.

The year was also marked by continued investment in the business to upgrade its network, and reinvest as Vodafone Ireland transitions to net-zero carbon emissions. As of June 2021, Vodafone Ireland’s business here is powered by renewable energy, outstripping a target of 2025 to achieve this.

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The period brought a rise in both mobile contract and fixed contract customer numbers, with Vodafone adding 73,700 mobile contract and prepaid customers and 12,500 fixed contract customers, equating to a 3.7 per cent rise and a 3.5 per cent increase respectively.

“We are pleased with the results for the financial period, which reflects the resilience and sustainable growth strategy that underpins the investment, innovation and industry-leading position of Vodafone Ireland,” said Amanda Nelson, chief executive of Vodafone Ireland.

“This is a strong performance during what was an exceptionally challenging operating period due to the pandemic travel restrictions and impact at the time. The months since have seen new economic challenges emerge in terms of inflation and increased costs for households and businesses. This requires further efficiencies and innovation when it comes to our ongoing efforts to support our customers, our people, reduce energy use and reach our long-term sustainability targets. It is a great source of pride and purpose to see our operation become completely powered by renewable energy during this period and achieving this goal almost four years ahead of target.”

Vodafone said it was keeping a cautious eye on the wider market, amid ongoing turbulence.