Vodafone says it will step-up investment in customer experience, improve performance in Germany and accelerate its momentum in Business, whilst also continuing to simplify operations throughout the group.
Vodafone — announcing its financial result — said customer experience transformation is underway, supported by reallocated investment of €140 million in FY24, as well as new incentives and talent development plans.
Vodafone started processing of customer insights through real-time AI models, feeding into detailed action plans on a weekly basis in all markets.
Vodafone has also benefitted from frontline tools and processes enhancements benefitting 70,000 team members.
Vodafone has reduced nearly 5,000 roles. It announced a further 2,000 in first year of 3-year 11,000 plan and continued to deliver Opex efficiencies.
REVENUE
Vodafone Group’s revenue fell 2.5 percent to €36.7 billion during 12 months between April 2023 and March 2024 due to the disposals of Vantage Towers, Vodafone Hungary and Vodafone Ghana in the prior financial year.
The group has sold Vodafone Spain and Vodafone Italy.
Vodafone has generated sales revenue of €12.957 billion from Germany, €6.837 billion from the UK, €5.504 billion from Other Europe, €2.362 billion from Turkey, and €7.42 billion from Africa.
Vodafone’s service revenue dropped 1.3 percent, however on an organic basis, increased by 6.3 percent, with Europe, Africa and Business all growing. Excluding Turkey, the Group had good service revenue growth of +3.7 percent on an organic basis.
Vodafone’s operating profit decreased by 74.6 percent to €3.7 billion primarily reflecting business disposals in the prior financial year, in particular the €8.6 billion gain on disposal of Vantage Towers.
CEO QUOTE
“A year ago, I set out my plans to transform Vodafone, including the need to right-size Europe for growth. Since then, we have announced a series of transactions and we are now delivering growth in all of our markets across Europe and Africa,” Vodafone CEO Margherita Della Valle said.
“We performed slightly ahead of expectations in the financial year, with good organic service revenue growth of 6.3 percent and organic EBITDAaL growth of 2.2 percent. Our Business division – a key growth driver – achieved 5.4 percent revenue growth in the fourth quarter,” Margherita Della Valle said.
Baburajan Kizhakedath
