(Adds details, quotes)
LONDON, Feb 2 (Reuters) - Britain's Vodafone said it
was on track to meet its full-year guidance after reporting a
2.7% rise in third-quarter group service revenue, with growth in
both Europe and Africa.
Chief Executive Nick Read said Vodafone, which has activist
Cevian Capital as a new investor, had delivered a "solid
quarter", with consistent service revenue growth in its biggest
market Germany of 1.1%.
The group was focused on strengthening commercial momentum
in Germany, he said, and accelerating its transformation in
Spain, where revenue continued to decline.
"We are also committed to creating value for our
shareholders through proactive portfolio actions and continuing
to improve returns at pace," he said.
Read, who spun out the group's towers business last year,
has called for regulators to allow more consolidation in
European markets.
Reuters reported earlier this month that Vodafone and Iliad
were in talks to combine their businesses in Italy.
Vodafone said in November it expected to report adjusted
core earnings of 15.2 billion to 15.4 billion euros and adjusted
free cash flow of at least 5.3 billion euros.
Analysts expect adjusted core earnings of 15.26 billion
euros and adjusted free cash flow of 5.34 billion euros,
according to a company-compiled consensus.
(Reporting by Paul Sandle; Editing by Kate Holton and James
Davey)
Vodafone (VOD)