LONDON (Alliance News) - Vodafone Group PLC confirmed Thursday its full-year earnings guidance as it said the decline in its group service revenue slowed to 0.4% year-on-year in its third quarter, and said its GBP19 billion Project Spring investment programme is "well advanced".
The company continues to expect to post full-year earnings before interest, tax, depreciation and amortisation of GBP11.6 billion to GBP11.9 billion.
Vodafone posted a 0.4% decline in its group service revenue to GBP9.79 billion for the quarter to end-December on an organic basis, meaning it includes merger and acquisition activity and real exchange rates. This compared to a 1.5% decline in its second quarter.
It said it has seen strong progress on Project Spring, with Vodafone's mobile build now 50% complete, and European 4G coverage up to 65%. Integration of its acquisitions KDG and Ono are on track, Vodafone said, with synergies in line with expectations.
Vodafone expressed confidence that over time its investment will translate into "further improvements in customer perception, average revenue per user and churn."
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Vodafone (VOD)