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Vodafone H1 2009/10 results: hitting the nadir? - Venture Insights

Report Overview

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Vodafone H1 2009/10 results: hitting the nadir?

PublisherEnders Analysis.
Publish Date November 10, 2009
Sector Fixed Line (Internet and Voice), Mobile and Wireless Technology.
Company vodafone.

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Vodafone Europe’s service revenue growth declined again in the September quarter to -4.6%, but on an underlying basis it improved, and volume growth also improved, suggesting that improving economic fundamentals are starting to feed through.

Margins again fell, with the net benefit of the cost reduction program a long way from compensating for revenue declines, but overhead costs are at least dropping in absolute terms.

We are optimistic that revenue growth can continue recovering in Europe, implying a still-depressed 2009/10 but a much better 2010/11, with positive revenue growth in 2010/11 a real possibility, and that the company could stabilise margins if it sticks to cost reduction plans, and resists the temptation to reinvest’ in strategic’ initiatives.