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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.

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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.

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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.