Vodafone Q1 Revenues Down; Backs FY Forecast - Quick Facts

(RTTNews) - Vodafone Group Plc (VOD.L, VOD) reported Wednesday that its first-quarter group revenue, on IFRS 15 basis, dropped 4.9 percent to 10.91 billion euros from 11.47 billion euros last year.

Organic service revenue grew 0.3% on an IAS 18 basis, or 1.1% based on IFRS 15.

Europe declined by 1.3% on IAS 18 basis, but grew 0.5% excluding drags from regulation and UK handset financing

India revenues declined 22.3% on IAS 18 basis due to price competition and MTR cuts, but was down only 1.4% compared to Q4.

Vittorio Colao, Group Chief Executive, said, "The Group's organic service revenue growth slowed during the first quarter, in line with expectations. The majority of our operations performed well, with ongoing momentum in Germany, further underlying recovery in the UK and continued good growth in AMAP, all of which helped to offset increased competition in Italy and Spain."

Further, the company reiterated guidance for the full year, expecting underlying organic adjusted EBITDA growth of 1-5%.