Vodafone Group Plc VOD reported a revenue decline of 4.3% YoY to €21.94 billion ($23.877 billion) in the first half of FY24 driven by adverse foreign exchange rate movements and the disposal of Vantage Towers, Vodafone Hungary, and Vodafone Ghana in the prior financial year.
The Group service revenue declined by 3.1% Y/Y to €18.62 billion.
The telecom firm posted an adjusted EPS of €0.03. Operating profit declined by 44.2% Y/Y to €1.66 billion.
On a reported basis, Adjusted EBITDAaL declined to €6.4 billion (FY23 H1: €7.2 billion), with organic growth of 0.3% despite a significant increase in energy costs.
Vodafone used €(1.47) billion in adjusted free cash flow.
In H1, the company completed 2,700 role reductions out of the 11,000 planned over three years.
Interim Dividend: The Board announced an interim dividend/share of €.0450 (H1 FY23: €.0450).
Outlook: Vodafone reiterated its adjusted EBITDAaL and adjusted free cash flow outlook. The company expects adjusted EBITDAaL to be 'broadly flat' at around €13.3 billion and adjusted free cash flow of 'around' €3.3 billion.
Price Action: VOD shares traded lower by 1.94% at $9.34 on the last check Tuesday.
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