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Dow Jones Newswires: Vodafone Group lowers guidance amid tough economic backdrop, sets $1 billion savings target

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Vodafone Group PLC on Tuesday reported a rise in pretax profit and revenue for the first half of fiscal 2023 despite the challenging macroeconomic environment.

The U.K.-based telecommunications company
VOD,
-1.28%

VOD,
+0.42%

said that pretax profit for the six months to Sept. 30 was 1.73 billion euros ($1.79 billion) compared with EUR1.28 billion a year prior.

Adjusted earnings before interest, taxes, depreciation and amortization–which strips out exceptional and other one-off items–was EUR7.24 billion from EUR7.57 billion, driven by a material prior year legal settlement, and commercial underperformance in Germany.

Revenue for the first half was EUR22.93 billion compared with EUR22.49 billion.

The company updated its guidance for fiscal 2023 as the global macroeconomic climate has worsened, with energy costs and inflation hitting performance. Vodafone now sees adjusted Ebitda of EUR15.0 billion-EUR15.2 billion, from EUR15.0 billion-EUR15.5 billion previously. Adjusted free cash flow is now seen at around EUR5.1 billion, from around EUR5.3 billion.

The board declared an interim dividend of 4.50 European cents for the period, flat on year.

Write to Kyle Morris at kyle.morris@dowjones.com

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