Vodafone Group, the world's largest mobile phone group by revenue, posted a forecast-beating 26 per cent rise in annual core earnings this morning.
After the writing off of goodwill on acquisitions orchestrated by chief executive Mr Christopher Gent in his six years at the top, the company made a full-year pre-tax loss of £6.2 billion sterling ($10.2 bn) - although this was half the loss made last year.
The shares rose early on but were down 1.2 per cent at 124 pence by 07.25 a.m. (Irish time). Dealers said much of its growth stemmed from non-core fixed-line assets that the company aims to sell eventually.
The strong underlying performance was also helped in part by currency effects. Vodafone generates half its revenue in the euro zone, but reports its figures in pounds, and the euro has surged in value in recent months.
On a country-by-country basis, Vodafone reported continued growth in average revenues in Britain, but a flattening in Germany and Italy.
Figures for the average revenue per user (ARPU) show that Ireland remains among the group's highest at €553 sterling compared with £292 in Britain and £313 in Germany.
The company says it now has 1.74 million Irish subscribers up from 1.7 million a year earlier.
AFP