The first quarter interim management statement from Vodafone for the three months to 30 June was ahead of expectations, Killik said, with a return to organic service revenue growth driven by a strong performance in emerging markets.Jonathan Jackson, head of equities at Killik, is encouraged that the group is maintaining capital expenditure at current levels. "At a time when other operators have been reducing investment, we believe it is essential that Vodafone invests to maintain superior network quality when demands on the network are soaring on the back of smart phone data growth. We believe the group will continue to benefit from improved market share as a result," Jackson said.The broker remains a fan of the stock as the group "continues to evolve towards being a total communications provider, rebalancing mobile voice in mature economies with increasing revenue from broadband data services."