Vodafone Hit By Declines Across Europe

Mobile phone giant Vodafone has seen its quarterly revenue decline across key markets in Europe and the UK.

Total group service revenue for the first quarter, ending June 30, was down 3.5% at £10.15bn.

Vodafone said conditions in Europe remain "challenging", with its revenue in Italy down 17.6%, Spain down 10.6% and other southern European markets down 13.6%.

The company said quarterly revenue was also down 4.5% in the UK and down Germany 5.1%.

It cited a "challenging macroeconomic and competitive environment" for its decline in Italy and Spain.

Although it was the first phone operator in Spain to launch faster 4G services, in May, the loss of customers was not stemmed.

However, it did see good growth in Africa, the Middle East and Asia Pacific regions.

Revenue was up 13.8% in India, with data usage up 29% compared to the previous quarter.

The overall performance in Q1 was in line with management's expectations.

Chief executive Vittorio Colao said: "We have made a good start to the year in our areas of strategic focus - growth in emerging markets has accelerated.

"Although regulation, competitive pressures and weak economies, particularly in southern Europe, continue to restrict revenue growth, we continue to lay strong foundations for the longer term."

Net debt at the end of June was £24.9bn, a reduction of £2.1bn on the previous quarter.

:: In late morning trades in London on Friday Vodafone shares were up 0.8%.

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