Vodafone has revealed its UK revenue grew by 7.1 per cent for its last full financial year, to £6.5bn.
The operator cited higher service revenue and equipment revenue as reasons for the growth, plus a higher appreciation of the pounds versus the euro.
It comes as Vodafone’s overall group revenue grew by four per cent to £45.58bn, mainly driven by revenue service growth in Europe and Africa.
However Vodafone group chief executive singled out Germany as a market that under performed during the last year, ending April 2022.
“We delivered a good financial performance in the year with growth in revenues, profits and cash flows, in line with our medium-term financial ambitions,” said Read.
“Our organic growth underpinned a step-change in our return on capital, which improved by 170bps to 7.2 per cent. Whilst we are not immune to the macroeconomic challenges in Europe and Africa, we are positioned well to manage them and we expect to deliver a resilient financial performance in the year ahead.”
Earlier this week Vodafone confirmed that Emirates telecommunications group (e&)bought 2.76 billion of Vodafone shares for £3.59 billion giving it a 9.8 per cent stake in the network.
The operator’s UK arm has also reportedly been locked in talks with a merger with CK Hutchison’s Three UK.