Vodafone half-year profit exceeds £3 billion

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Vodafone's half year results show the mobile giant weathering the storm of competitive market turbulence, adding 20 million new customers during the period and returning to profitability with a £3.29 billion profit boast.

The financial figures are in stark contrast to the £5.1 billion loss the company reported for the same six-month period a year ago.

Coupled with a nine per cent surge in revenue to £17 billion for the half year to 30 September, the positive financials have led the operator to increase its full-year revenue forecasts to between £34.5 billion and £35.1 billion.

"These results reflect our continuing focus on the execution of our strategy. In Europe, we have performed well in competitive markets by driving strong growth in voice usage and data revenue, whilst improving cost efficiency," said Vodafone's chief executive Arun Sarin.

"In Europe, where competitive and regulatory pressures remain significant, organic revenue growth was two per cent. Good revenue growth in Spain and the UK was offset by declines in Germany and Italy, where specific competitive and regulatory events have detracted from an otherwise solid business performance."

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