Vodafone revenue down 4.8% between April and June

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Vodafone’s revenue fell 4.8% year-on-year in the first quarter of the fiscal year, between April and June, to 10.7 billion euros, it was announced today.

The British telecom operator attributed the decline to a drop in revenue in Greece, after posting revenue of around €11.3 billion in the same period of 2022.

In a statement sent to the London Stock Exchange, the company only reported revenues and said it had performed well in all European markets except Greece.

“As we move forward with our Vodafone transformation plans, we have improved service revenue performance in almost all of our markets,” said Vodafone’s CEO.

“Looking ahead, we have taken the first steps in our customer-centric, simplicity and growth action plan, but we still have a long way to go,” added Margherita Della Valle.

Vodafone has announced the appointment of Luka Mucic as CFO of Vodafone, effective September 1.

“I am delighted that Luka is joining the Vodafone team. He has a strong track record of international leadership,” Della Valle said, adding that the executive joins “at a critical time” as Vodafone’s transformation begins.

For his part, Mucic said he looked forward to “working with Margherita and the team to deliver on Vodafone’s strategic priorities of customers, simplicity and growth”.

Last month, Vodafone and CK Hutchison Group (CKHGT) announced a deal to merge their UK networks in a pact valued at around £15 billion (€17.4 billion) that could create the country’s largest operator.

Under the agreement, Vodafone will own 51% of the merged company and CKHGT’s Three UK will own 49%.

In June, Della Valle described the merger as “great for customers, great for the country and great for competition”, although the deal still awaits clearance from regulator the Competition and Markets Authority.

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