A Strong Result for Vodafone in the Last Quarter

Vodafone Group had a strong opening to its fiscal year 2022. The revenue in the three months to end-June was boosted by growth in Europe and Africa, and roaming benefitting as COVID-19 restrictions began to ease.

The operator posted a 5.7 percent year-on-year increase in revenue to €11.1 billion, with service revenue up 3.1 percent to €9.4 billion on the back of growth across consumer and business units. It did not provide a net income figure. Service revenue in Germany was up 1.1 percent to €2.9 billion, while the UK grew 2.5 percent to €1.3 billion. Spain was flat at €925 million and Italy fell 3.6 percent to €1.1 billion. Overall, roaming and visitor revenue grew 56 percent, though Vodafone noted the figure was 54 percent lower than fiscal Q1 2020, which was pre-pandemic.

CEO Nick Read hailed the return to service revenue growth in Europe and Africa, with the vast majority of our markets contributing. He added the operating and retail environment in Europe has not yet returned to normal conditions, but it was still delivering a good service revenue performance. In Africa, Vodafone noted continued strength in mobile money platform M-Pesa, with 4.5 million transactions processed up 45 percent. Vodacom service revenue was 7.9 percent higher at €1.5 billion.