{"id":9330,"date":"2023-05-16T06:25:18","date_gmt":"2023-05-16T10:25:18","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/vodafone-falls-on-lacklustre-fy-results-leads-ftse-100-lower-as-restructuring-plans-announced\/"},"modified":"2023-05-16T06:25:19","modified_gmt":"2023-05-16T10:25:19","slug":"vodafone-falls-on-lacklustre-fy-results-leads-ftse-100-lower-as-restructuring-plans-announced","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9330","title":{"rendered":"Vodafone Falls On \u201cLacklustre\u201d FY Results, Leads FTSE 100 Lower As Restructuring Plans Announced"},"content":{"rendered":"
\n

Telecoms giant Vodafone Group was the leading FTSE 100 faller on Tuesday as it announced full-year trading numbers and restructuring plans.<\/p>\n

At 84p per share Vodafone shares were trading 6.7% lower.<\/p>\n

Revenues at the business edged 0.3% higher in the 12 months to March, to \u20ac45.7bn. Organic service revenues meanwhile increased 2.2% year on year to \u20ac38bn.<\/p>\n

But comparable service revenues in Germany dropped 1.6% in the period. Trading conditions remain tough in its key Central European market following the introduction of the Telecommunications Act in 2021.<\/p>\n

The legislation banned automatic contract renewals and caused Vodafone\u2019s cable broadband and TV customer bases to fall 119,000 and 412,000 respectively last year.<\/p>\n

Adjusted pre-tax profit at Vodafone dropped 10% to \u20ac4.1bn. Adjusted cash flow fell by almost \u20ac600m year on year, to \u20ac4.8bn, but net debt fell by a fifth over the period to \u20ac33.4bn.<\/p>\n

Vodafone kept the full-year dividend locked at 9 US cents per share.<\/p>\n

Transformation Plans<\/h2>\n

<\/fbs-ad><\/p>\n

Following a strategic review, Vodafone announced on Tuesday \u201ca new roadmap\u201d that it hopes will make it best-in-class in Europe and Africa and the leading Business platform in its European marketplace.<\/p>\n

This will include steps to \u201cto maximise the potential of Vodafone Business,\u201d a division which the firm said \u201chas a unique set of capabilities and has a strong position in a large and growing market as organisations digitise.\u201d Organic service revenues here rose 2.6% in financial 2023.<\/p>\n

The FTSE firm also announced its desire to be \u201ca leaner and simpler organisation.\u201d This will result in the axing of 11,000 jobs across the globe over the next five years.<\/p>\n

\u201cVodafone Must Change\u201d<\/h2>\n

Vodafone chief executive Margherita Della Valle said that \u201ctoday I am announcing my plans for Vodafone. Our performance has not been good enough. To consistently deliver, Vodafone must change.\u201d<\/p>\n

She commented that \u201cmy priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business.\u201d<\/p>\n

\u201cLacklustre Performance\u201d<\/h2>\n

Matt Britzman, equity analyst at Hargreaves Lansdown, commented that \u201clacklustre performance has been something markets have come to expect from Vodafone of late, and full-year results didn\u2019t buck the trend.\u201d<\/p>\n

He said that the new chief executive \u201chas been very vocal about the host of challenges she\u2019s facing in her new role\u201d and described her honesty as \u201crefreshing.\u201d<\/p>\n

But Britzman added that while her transformation package \u201cmakes sense on paper\u2026 markets will need to see tangible results over the coming year before they get more excited.\u201d<\/p>\n

Mark Crouch, analyst at social investing platform eToro, said that Della Valle \u201chas echoed this morning what many shareholders have been feeling for years; that the telecoms giant has been an underperformer for an unacceptable period of time.\u201d<\/p>\n

He noted that Vodafone\u2019s share price has more than halved during the past five years \u201cas revenues and earnings have plateaued.\u201d<\/p>\n

Crouch added that \u201cit\u2019s about time Vodafone had a clear and sensible roadmap for growth, one aimed at making it a leaner, nimbler group that actually cares about customer service.\u201d He said that so far the company lacked the ideas or resolve to reinvigorate itself \u201cother than betting the ranch on a proposed mega-merger with rival Three.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Telecoms giant Vodafone Group was the leading FTSE 100 faller on Tuesday as it announced full-year trading numbers and restructuring plans. At 84p per share Vodafone shares were trading 6.7% lower. Revenues at the business edged 0.3% higher in the 12 months to March, to \u20ac45.7bn. Organic service revenues meanwhile increased 2.2% year on year […]<\/p>\n","protected":false},"author":1,"featured_media":9331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-9330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nVodafone Falls On \u201cLacklustre\u201d FY Results, Leads FTSE 100 Lower As Restructuring Plans Announced | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Telecoms giant Vodafone Group was the leading FTSE 100 faller on Tuesday as it announced full-year trading numbers and restructuring plans. 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