Vodafone bounces back as service revenues return to growth

A UK telecommunications company has announced that its revenue is starting to bounce back from the impact of the pandemic.

Vodafone reported today that it saw service revenues in the third quarter climb by 0.4 per cent, up from the second quarter’s dip of 0.4 per cent.

Service revenues for the period were still lower than last year’s results, at £9.4bn - compared to 2020’s £9.7bn.

However, the return to growth could signify higher figures through the rest of the year.

Nick Read, group chief executive, commented: “I am pleased the group returned to service revenue growth in Q3 as a result of the continued commercial momentum across our business, including our largest market Germany.

“Our good trading performance underscores our confidence in the outlook for the full year.

“We have made further progress on our strategic priorities, including the IPO of Vantage Towers in early 2021, which remains firmly on track and will now include our 50 per cent shareholding in the UK towers joint venture with Telefonica.

“Our networks have successfully delivered another quarter of record data traffic as many countries continue to endure Covid-19 lockdowns and customers depend on our services.

“We have achieved this while further reducing our carbon footprint and we are making fast progress towards our important target of having our European networks wholly powered by renewable electricity by July this year.”