Growth is crucial for Vodafone’s leverage but remains elusive and the company’s ambition to grow European revenues this year looks challenging
Exacerbating revenue pressure in Germany and the loss of the VMO2 MVNO will weigh heavily in H2 and cost inflation will eat into any margin gains
Deal-making is not yet materialising with considerable question marks remaining over regulatory approval for mobile consolidation, a necessarily more open mind on action on Vantage, and plans to shift fibre investment off balance sheet. Vodafone promises more concrete developments with H1 results
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