Image Source: Wei-Te Wong
Vodafone storefront.
Jane Imrie

Vodafone “strongly positioned” with return to growth in H2 FY21

Telecoms giant Vodafone has announced a return to growth in the second half of the financial year.

Following a drop in performance in FY20 during the COVID-19 pandemic, the firm saw profits of €536m return in FY21.

The group’s next strategic phase is underway, aiming to become a ‘new generation’ connectivity and digital services provider in Europe and Africa.

Nick Read, Vodafone’s group chief executive, commented: “I am pleased that we achieved full year results in line with our guidance and we exited the year with accelerating service revenue growth across the business, with a particularly good performance in our largest market, Germany.

“The world has changed. The pandemic has shown how critical connectivity and digital services are to society. Vodafone is strongly positioned and through increased investment, we are taking action now to ensure we play a leadership role and capture the opportunities that these changes create.

“The increased demand for our services supports our ambition to grow revenues and cash flow over the medium-term. We remain fully focused on driving shareholder returns through deleveraging, improving our return on capital, and a firm commitment to our dividend.”

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