First half profit surge for Vodafone Group

Vodafone Group has announced that their first half net profit attributed to shareholders totalled £4.8 billion which is $8 billion and is up some £2.14 billion on that which was recorded last year and last year’s results included £1.7 billion impaired charges reports market watch.

Vodafone revenue rose to £21.76 billion from £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 £7.46 billion.

According to data complied by Dow Jones Newswires analysts had been expecting a figure of £7.58 billion. The company said that first half results supported expectations for full year adjusted operating profit with a range of £11 billion to £11.8 billion and free cash flow somewhere around the upper limit of £6 billion to £6.5 billion.

Vodafone’s £1 billion cost reduction plan should be delivered a year ahead of plan and has extended this to another £1 billion of cost saving by 2012.

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