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Vodafone FY 2010/11 results: performing well in a weak market, smartphones helping - Venture Insights

Report Overview

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Vodafone FY 2010/11 results: performing well in a weak market, smartphones helping

PublisherEnders Analysis.
Publish Date May 17, 2011
Sector Fixed Line (Internet and Voice), Mobile and Wireless Technology.
Company vodafone.

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Vodafone Europe’s service revenue growth dipped by 1ppt in the March 2011 quarter, but nearly all of this was due to regulated MTR cuts, with its competitive performance actually improving again

The combined Europe and common cost EBITDA margin was actually held flat in H2 10/11 on H2 09/10, aided by some heroic (and, frankly, uncharacteristic) cost cutting efforts, with Vodafone’s cost profligacy days apparently behind it

The outlook for next quarter is poor due to the UK MTR cut, but we then expect revenue growth to steadily improve for the rest of the year, with smartphone-driven data growth a help rather than a hindrance