“We have performed well this year” read the first line of Vodafone’s Press Release for their full year results (to 31st Mar 11) announced today. Few would argue with that. Given the poor financial background in Vodafone’s main markets, a 3.2% revenue growth (2.1% organic) to £45.9b was not bad.
Vodafone is yet another excellent example of our ‘Diversity of Performance’ long-running theme. I was reminded this morning that the name Vodafone was created as a combination of VOice and DAta. But now voice revenues are in decline but data revenues – boosted by smartphones, iPad and dongles – are soaring. Up a massive 26.4% in the year to £5.1b or 12% of Vodafone’s revenues.
Revenues from Europe were down 0.4% but from AMAP (Africa, Middle East and Asia Pac) were up 9.5%. India was up 16%.
Further to my report over the weekend – Minority Stakes - £14.2b expected to be raised from disposals of minority interests in China Mobile, SoftBank and SFR; £6.8 billion of this is committed to share buyback programmes