GO
Loading...

Enter multiple symbols separated by commas

Vodafone shares slip as revenue falls

Shares in U.K. mobile operator Vodafone traded almost 5 lower after the group reported a 1.9 percent fall in full-year revenue, in line with forecasts.

Chief executive Vittorio Colao said in a statement released with the results Tuesday that it had been a year of "substantial strategic progress" as the group completed the disposal of its 45 percent stake in Verizon Wireless group In February. The group also said it intended to grow dividends per share.

The mobile operator recorded impairment charges of £6.6 billion, ($11.1 billion) driven by lower projected cash flows amid heavy competition and a tough macroeconomic environment.

Read MoreCompanies offer record payouts, Russian firms lag

Daniel Berehulak | Getty Images

The group, which reported heavy falls in revenue in the last year as a result of regulatory headwinds and pricing wars in Europe, said pressures in the region remained "ongoing" and "significant".

"In Europe, where we continue to face competitive, regulatory and macroeconomic pressures, we have taken steps to improve our commercial performance, particularly in Germany and Italy, and are beginning to see encouraging early signs," said Colao in a statement.

Read MoreVodafone CEO: We want to become 'Unilever of telecom'

Colao added that emerging markets had performed strongly, adding he is confident about the future of the business in the areas given the growth prospects.

The group's sale of its stake in Verizon allowed it to return $85 billion to shareholders and it benefited from deferred tax assets.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • What could slow down India's growth?

    Geoff Dennis, head of GEM equity strategy at UBS, says that Prime Minister Narendra Modi's reform plan to boost India's economic growth could be slowed down by politics.

  • Relishing McDonald's turnaround plan?

    McDonald's has announced a $3 million annual cost-saving plan, yet investors are hungry for more. Stephen Anderson, restaurant analyst at Miller Tabak, says the plan was "long on concept" but "short on substance."

  • HSBC profits bounce as fraud inquiry looms

    HSBC has reported its first quarter results, which came in above expectations. CNBC's Catherine Boyle discusses the bank's results, with reference to the reputation risks HSBC is facing.