Vodafone Irish revenues slide while group woes deepen

But Vodafone Ireland’s total fixed broadband customer base increased by over 5%

Vodafone saw its revenues in Ireland fall nearly 4%, to €197m, in the final three months of its latest financial year.

Telecommunications giant Vodafone saw its revenues in Ireland fall nearly 4%, to €197m, in the final three months of its latest financial year, with its mobile customer numbers flat year-on-year.

For the overall year to the end of March, Vodafone’s Irish revenues were flat, partly driven by a lack of international visitors to the country using the company’s network, usually a significant revenue earner.

However, in the fourth quarter, Vodafone Ireland’s total fixed broadband customer base increased by over 5% to nearly 300,000 people.

On a group-wide basis, Vodafone reported a 1.2% drop in full-year adjusted earnings, coming in at the bottom of its guidance and missing market expectations, but forecast growth this year.

Shares slide

The company posted adjusted earnings before tax of €14.4bn on revenues of €43.8bn, down 2.6%, for the year. Its shares slid by almost 9%.

Vodafone said it would accelerate investment in its network again this year after spending more to meet the demands of Covid-19, resulting in free cash flow growth falling short of market expectations.

It said free cash flow would increase to at least €5.2bn this year, after it just met its target of "at least" €5bn in the year to the end of March.

"We see a compelling opportunity for high growth given the step change we've seen towards a digital society over the past year. Importantly, this growth opportunity exists in both Europe and Africa," said CEO Nick Read.

• Additional reporting Reuters