First half profit surge for Vodafone Group
Vodafone Group has announced that their first half net profit attributed to shareholders totalled Â£4.8 billion which is $8 billion and is up some Â£2.14 billion on that which was recorded last year and last year’s results included Â£1.7 billion impaired charges reports market watch.
Vodafone revenue rose to Â£21.76 billion from Â£19.9 billion which was boosted by exchange rate moves along with merger acquisition activity while earning before tax, interest, depreciation and amortisation rose 2.9 percent to Â£7.46 billion.
According to data complied by Dow Jones Newswires analysts had been expecting a figure of Â£7.58 billion. The company said that first half results supported expectations for full year adjusted operating profit with a range of Â£11 billion to Â£11.8 billion and free cash flow somewhere around the upper limit of Â£6 billion to Â£6.5 billion.
Vodafone’s Â£1 billion cost reduction plan should be delivered a year ahead of plan and has extended this to another Â£1 billion of cost saving by 2012.