By Adria Calatayud 
 

Vodafone Group PLC (VOD.LN) on Wednesday backed its guidance for fiscal 2019, after first-quarter revenue fell 4.9% due to currency headwinds and the adoption of new accounting standards.

Revenue for the quarter ended June 30 was 10.91 billion euros ($12.75 billion) compared with EUR11.47 billion in the year-earlier period, the London-based telecommunications company said. This reflected the adoption of new IFRS 15 accounting standards, as well as foreign-exchange headwinds, the company said.

Vodafone said strong performance in Germany and a recovery in the U.K., coupled with continued growth in its Africa, Middle East and Asia Pacific region helped to offset increased competition in Italy and Spain.

Quarterly organic service revenue--a figure which is closely watched by analysts--increased 1.1% based on IFRS 15 accounting standards, Vodafone said. Based on the previous accounting measures, organic service revenue rose 0.3% in the first quarter, the company said.

Vodafone confirmed that it continues to expect adjusted earnings before interest, taxes, depreciation, and amortization to grow between 1% and 5% on an underlying basis in the year ending March 31, 2019.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 

(END) Dow Jones Newswires

July 25, 2018 02:34 ET (06:34 GMT)

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