New chief executive Margherita Della Valle sets out strategy to restore growth at telecoms group
Mr Read’s exit followed pressure from a growing band of shareholders who were unhappy at Vodafone’s struggle in Germany, its largest market, as well as concerns the group was spread too thinly across Europe and Africa.The retrenchment set out by Ms Della Valle came as the group’s latest results showed full-year revenues edged up just 0.3 per cent to €45.7 billion, below analysts’ estimates. Its adjusted earnings before interest, tax, depreciation and amortisation declined 1.3 per cent to €14.
Vodafone’s adjusted free cash flow, a measure closely watched by the City, would probably be €3.3 billion for the year to March 2024, it said, less than the €3.8 billion analysts had expected. The company blamed regulatory changes in Germany that will hurt cable TV providers. Alongside cuts to the workforce, Ms Della Valle is also under pressure to simplify the group’s European operations. Mr Read was criticised by shareholders for failing to secure deals to improve Vodafone’s performance in markets including Spain and Italy.
Shares in Vodafone have fallen 25 per cent over the past 12 months compared with a 4 per cent gain in the FTSE 100. Vodafone’s share price fell 3 per cent in early morning trading to 87p. - Copyright The Financial Times Limited 2023
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