Voda: working from home boom
(Picture: Vodafone)VODAFONE today said demand for its services has never been higher thanks to the necessity of reliable internet connectivity, but admitted it is taking a hit from the lack of international travel.
The telecom giant saw revenue slip slightly in the half year to e21.4 billion (£19.2 billion) but it moved back into the black with a profit of e1.5 billion, compared to an e1.9 billion loss last time.
Chief executive Nick Read said he has “increased confidence” for the business as customers realise they need faster, better and more reliable wi-fi, even if that means paying more money.
“Our services are in massive demand. There has been a flight to quality. Now, more than ever, our connectivity services are critical for society,” he said.
Revenue from “roaming” is down due to the lack of international travel, while lower handset sales are also a factor.
The dividend is held 4.5 cents a share, a relief to hard pressed investors.
The shares opened today at 119p, down from around 160p a year ago.
Read says Voda will get 5G right, suggesting some rivals are racing to release services that may not be perfect.
He said: “The results demonstrate the success of our strategic priorities to date, namely increasing customer loyalty, growing our fixed broadband base, driving digitisation to simplify the company and capture significant cost savings, and deliver 5G efficiently through network sharing.”
