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Vodafone Group PLC on Monday reported a boost in its organic revenue in its first quarter, alongside appointing a new chief financial officer.
Newbury, Berkshire-based telecommunications provider Vodafone said its service revenue for the three months that ended June 30 was €9.11 billion, down 4.2% from the €9.51 billion at the same point the year before.
Service revenue in its first quarter was up 3.7% in organic growth, compared to 1.9% from the previous quarter. Business service revenue increased to 4.5% from 2.9% in the prior quarter, driven by a strong digital services performance.
Total revenue in the first quarter was down 4.8% at €10.74 billion from €11.28 billion the prior year. Vodafone said that broad-based service revenue improved across ‘almost all’ European markets. Revenue fell 3.6% from €11.14 billion quarter-on-quarter.
Guidance for adjusted earnings before interest, tax, depreciation, and amortisation after leases for Vodafone’s financial 2024 is around €13.3 billion, down 9.3% from €14.67 billion the prior year, alongside an adjusted free cash flow of €3.3 billion, down 32% from €4.84 billion year-on-year.
Chief Executive Margherita Della Valle said: ‘We have delivered particularly strong trading in our business segment and returned to service revenue growth in Europe.
Looking ahead, we have taken the first steps of our action plan focused on customers, simplicity and growth, but we have much more still to do.’
Vodafone also announced that the former chief operating officer and chief financial officer of SAP SE Luka Mucic has been appointed as CFO and executive director of the company, effective from September 1.
Chief Executive Margherita Della Valle, said: ‘I am thrilled that Luka will be joining the Vodafone team. He has a strong track record of international leadership, corporate repositioning and value-creation. Luka is joining us at a critical time as we undertake the transformation of Vodafone.’
Shares in Vodafone Group were up 3.6% at 76.12 pence in London on Monday morning.
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