Vodafone Group PLC (LSE:VOD) reported an improved performance in Germany and in its Business arm although group revenue declined.
The FTSE 100-listed telco said group revenue in the first half fell 4.3% to €21.94 billion from €22.93 billion due to adverse foreign exchange rate movements and the disposal of Vantage Towers, Vodafone Hungary and Vodafone Ghana.
Group service revenue increased 4.2% to €18.62 billion, or 2.3% excluding Turkey, with both Europe, up 1.5%, and Africa, up 9%, growing.
Vodafone reported a sequential improvement in Germany with growth of 1.1% in the second quarter compared to a fall of 1.3% in the first quarter and continued acceleration in Vodafone Business with 4.4% growth in the first half.
Margherita Della Valle, chief executive, said: “During the first half of the year, we have delivered improved revenue growth in nearly all of our markets and have returned to growth in Germany in the second quarter.”
“Vodafone's transformation is progressing” but “much more needs to be done”, she added.
Adjusted EBITDA was flat at €6.38 billion and the firm reiterated full-year guidance with adjusted EBITDAaL expected to be "broadly flat" at around €13.3 billion and adjusted free cash flow to be around €3.3 billion.
Net debt down fell 20% to €36.24 billion from €45.52 the year before but was higher than the €33.4 billion figure reported as at 31 March 2023.
The dividend was unchanged at 4.50 cents.