Vodafone Q1 2014/15 results: Modest signs of recovery
28 July 2014
Vodafone Europe’s service revenue growth improved slightly in the June quarter, by 0.6ppts to -7.9%, largely due to it running out of revenue to lose in some segments, but contract net adds were disappointing, with the company still losing ground competitively
Investment in Project Spring is surging with capex double the prior year and 4G coverage accelerating, which is very encouraging for the medium term, but it will be some time before this pays off in revenue and profit terms
Recent in-market mobile consolidation may result in more investment-focused competitive environments, despite the best efforts of regulators to sustain anti-investment price-based competition, but these too will take some time to emerge