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Vodafone ups outlook as Germany returns to growth, shares spark
(Sharecast News) - Vodafone on Tuesday pledged to increase its dividend for the first time since 2019 and lifted its earnings outlook as its German operation returned to top line growth in the second quarter of the year.
The telecoms operator said adjusted earnings before interest, taxes, depreciation, amortisation, and leases rose 5.9% to €5.7bn. Vodafone expects full-year profit to hit the upper end of its €11.3-11.6bn forecast range and adjusted free cash flow of €2.4-2.6bn.
It also unveiled a new progressive dividend policy with a 2.5% increase for the full year. The company cut its shareholder payouts sharply in 2019 as its debt burden soared after heavy spending on 5G spectrum in Europe.
"In the second quarter we saw service revenue accelerating, with good performances in the UK, Turkey and Africa, and a return to top-line growth in Germany," said chief executive Margherita Della Valle.
"Whilst we have more to do, we delivered good strategic progress in the half year, driving further operational improvements across the business, expanding our customer satisfaction initiatives, and making a fast start in integrating the Vodafone and Three networks in the UK."
Reporting by Frank Prenesti for Sharecast.com
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