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Share Price: 70.64

Bid: 70.44

Ask: 70.48

Change: 0.86 (1.23%)

Spread: 0.04 (0.057%)

Open: 70.10

High: 70.98

Low: 70.02

Prev. Close: 69.78

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Vodafone returns to organic revenue growth

Fri, 23rd Jul 2010 07:03

Mobile phone network operator Vodafone returned to organic revenue growth in the April to June quarter of 2010 for the first time since the near global recession.Group revenue increased by 4.8% to £11.3bn and group service revenue increased by 4.9% to £10.6bn in the first quarter of the group's financial year.On an organic basis, service revenue increased by 1.1% as each of the regions delivered improved service revenue trends.In Europe revenue declined by 4.2%, with currency headwinds accounting for 2.4 percentage points of that fall. Germany and the UK returned to organic service revenue growth in the quarter, partially offsetting the reductions in most other markets, with Spain an especially poor performer, with organic revenue down 6.2% year on year.Africa and Central Europe's revenue growth was 30.3%, albeit with a considerable boost from favourable exchange rates (9.0 percentage points) and merger & acquisition activity (18 percentage points).Organic service revenue grew by 3.7% as continued growth in Vodacom and Turkey was partially offset by declines in Romania and the rest of Central Europe.Revenue in Asia Pacific and the Middle East rose 19.9% from a year on year earlier, with foreign exchange rate movements contributing 13.2 percentage points of that rise. On an organic basis service revenue increased by 10.5%, mainly reflecting a 42.7% increase in the customer base in India and continued strong data revenue growth partially offset by a decline in mobile voice pricing. India contributed around 80% of the region's organic service revenue growth.Net debt at 30 June 2010 was £32.7bn, slightly lower than at 31 March 2010, reflecting free cash flow generated during the period and favourable foreign exchange movements which together broadly offset spectrum payments in the period."We have achieved these results through our continuing commercial approach in key European markets, focusing especially on data, and from strong growth in emerging markets, with India now cash positive at an operating level and our highest ever quarterly revenue in Turkey," said Vittorio Colao, chief executive of Vodafone. "The financial outlook for the current year is confirmed," Colao added.

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