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Vodafone says on track with 2.7% growth in Q3 service revenue -Breaking


© Reuters. FILEPHOTO: Vodafone Germany’s headquarters can be seen in Duesseldorf on September 12, 2013. REUTERS/Ina Fassbender/File Photo

LONDON, Reuters – Vodafone in Britain (NASDAQ:) reported a 2.7% increase in group-service revenue for the third quarter. This was in addition to growth in Europe and Africa.

Nick Read, chief executive, said Vodafone’s activist Cevian Capital had provided a solid quarter, with constant service revenue growth in Germany, its largest market.

According to him, the focus of the group was to increase Germany’s commercial momentum and accelerate its transformation in Spain. Spain has a declining revenue.

He said, “We are also dedicated to creating value to our shareholders through proactive Portfolio actions and continuing to increase returns at a pace.”

Read was the one who spun off the towers division of the group last year and called on regulators for more European market consolidation.

Reuters reports that Iliad, Vodafone, and Iliad had earlier in the month discussed combining their business in Italy.

Vodafone reported in November that they expect to report an adjustment of core earnings between 15.2 and 15.4 billion Euros, as well as adjusted free cash flow at least 5.3 Billion.

According to company consensus, analysts expect core earnings adjusted of 15.26 trillion euros and free cash flow adjusted of 5.34 billion euro.

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