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Vodafone Q1 FY23 trading update shows continued growth in Europe and Africa

Megan Robinson
July 25, 2022

Vodafone Business service revenue growth of 1.7 pc was supported by higher roaming and digital services revenue

Vodafone has released its Q1 FY23 trading update report which shows continued growth in
Europe and Africa with a total revenue of 2.7 per cent.

Data revenue and financial services growth supported the overall growth in African markets and Europe saw 215,000 additional mobile contract customers in this period.

Although its biggest market Germany reported a 0.5 pc decline in service revenue due to 79,000 lost TV and 64,000 broadband customers in the first quarter.

Turkey had a large increase in service revenue by 35.8 pc with the UK reporting a 6.5 pc
increase- both driven by higher inflation.

Vodafone in the UK added 18,000 mobile contract customers and 22,000 new broadband
customers which now surpasses 1.1 million customers.

Vodafone group chief executive Nick Read said: “We have executed in line with our
expectations, delivered another quarter of growth in both Europe and Africa, and seen an
acceleration in business growth.

“Whilst we are not immune to the current macroeconomic challenges, we’re on track to deliver financial results for the year in line with our guidance.”

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