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Vodafone Group PLC on Tuesday reported a lower profit in its financial first half but hailed growth in Germany. The Newbury, Berkshire-based telecommunications provider said pretax profit in the six months to September 30 dived to €550 million from €1.69 billion a year prior. Revenue fell 4.3% to €21.94 billion from €22.93 billion. The company declared an unchanged interim dividend of 4.50 euro cents per year. Notably, in Germany, service revenue growth was 1.1% in the second financial quarter year-on-year. Chief Executive Margherita Della Valle said: ‘Vodafone’s transformation is progressing. Our focus on customers and simplifying our business is beginning to bear fruit, although much more needs to be done. We have also announced transactions to strengthen our position in the UK and exit the challenging Spanish market in order to right-size our portfolio for growth.’ On Monday, Vodafone reported that it struck an agreement with Accenture to form a new shared services joint venture. Dublin-based consulting firm Accenture will invest €150 million to take a minority interest in the new shared services entity. The size of the minority interest was not disclosed. Vodafone will retain a majority interest and management control of the joint venture. Vodafone shares fell 1.0% to 76.60 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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