Revenue and earnings up at Vodafone

Revenue and earnings up at Vodafone

Vodafone has notched up its first growth in full-year revenue and earnings since 2008, driven by international growth and an investment splurge.

Revenues grew 2.3% to £40.9bn and earnings were up 2.7% to £11.6bn, boosted by operations in South Africa, Egypt and Turkey.

The firm added that it has concluded its "Project Spring" investment programme, which has seen the world's second-largest mobile phone operator invest £19bn on network upgrades.

Chief executive Vittorio Colao said: "This has been a year of strong execution for the group, returning to organic growth in both revenue and EBITDA (earnings) for the first time since 2008.

"We have now successfully concluded our Project Spring organic investment programme. This has transformed the quality of our technology, enhancing our customers' experience and enabling us to expand our Enterprise services."

Four quarter group service revenues increased 2.5% in the fourth quarter as Germany and Italy returned to growth.

On a pre-tax basis, Vodafone made a loss of £449m.