Vodafone unveils record loss

Mobile phone giant Vodafone set an unwanted corporate record today after a review of its assets left annual losses at an eye-watering £14.85bn (€21.7bn).

The company said its operating performance had been good but a decision to write off £23.5bn (€34.3bn) from the value of its assets, in particular its German acquisition Mannesmann, created the all-time high for a UK company.