Home Business News Vodafone bounces back from billions of losses to profit

Vodafone bounces back from billions of losses to profit

by LLB Reporter
12th May 20 11:59 am

Vodafone have revealed on Tuesday they have bounced back from billions in losses and have now posted a profit.

Vodafone bosses held a nine euro cent dividend despite other companies cutting theirs over coronavirus.

Pre-tax profit was €795m for the 2020 financial year to March, with revenue of almost €45bn, up by 3%, said Nick Read the chief executive.

Revenue fell just below €45.4bn that was forecast by analysts, and the adjusted Ebitda came in the middle of the company’s range at €14.9bn.

Read said, “Vodafone has delivered a good financial performance – growing revenue, adjusted Ebitda and free cash flow – whilst building strong commercial momentum through the year and executing at pace on our strategic priorities.”

Read added,“We have also continued to invest in our fixed and mobile Gigabit network infrastructure and digital services, to provide faster speeds for our customers, as well as successfully managing the recent surges in demand.

“The services Vodafone provides are more important than ever and we are committed to playing a key role in society’s recovery to the ‘new normal’.”

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