Vodafone set to publish results tomorrow

Vodafone is to publish its results tomorrow but it is unlikely to follow mm02 and make a massive writedown of its assets, according to the Financial Times.

Last Wednesday mobile phone company mm02 on announcing its results said that it was writing down £5.9bn (€8.18bn) of the value of its 3G licences.

Its CEO Peter Erskine admitted that the company had paid too much for the licence.

He said that it now appeared that there was little likelihood that 3G would have mass appeal.

mm02 said that originally the company had intended to launch the service by the beginning of 2003 at the latest but that now it would not be launched until at least the second half of 2004.