Vodafone enjoys growth after ringing in changes

VODAFONE struck a more confident tone with its latest half-year results. There's a new progressive dividend policy, and full-year guidance was pushed up toward the top end of its previous expectations.

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The return to growth in Germany during the second quarter marks a small but important step in improving performance.

Telecom services like broadband and mobile are essential, which typically supports steady demand. However, the sector has faced challenges. Years of heavy investment in fibre networks and 5G spectrum have not always been matched by meaningful revenue growth. Vodafone's efforts to improve efficiency and focus on core markets are aimed at addressing this imbalance.

The group reported a 7.3% rise in first-half revenue to €19.6billion, with the all-important service revenue up 5.7% on a like-for-like basis.