Vodafone reports FY19 operating loss (EUR 951M) vs. EUR 4.3B profit last year
Reports FY19 revenue EUR 43.67B vs. EUR 46.57B last year. The revenue decline was primarily due to a loss on disposal of Vodafone India following the completion of the merger with Idea Cellular and impairments, as announced in November, said Vodafone. The company said, "We are executing our strategy at pace and have achieved our guidance for the year, with good growth in most markets but also increased competition in Spain and Italy and headwinds in South Africa. These challenges weighed on our service revenue growth during the year, and together with high spectrum auction costs have reduced our financial headroom. The Group is at a key point of transformation - deepening customer engagement, accelerating digital transformation, radically simplifying our operations, generating better returns from our infrastructure assets and continuing to optimise our portfolio. To support these goals and to rebuild headroom, the Board has made the decision to rebase the dividend, helping us to reduce debt and delever to the low end of our target range in the next few years."