Mobile telecoms company Vodafone reported lower-than-expected adjusted core earnings on Tuesday as Covid travel restrictions hit roaming revenues.
Full-year adjusted earnings before tax, interest, depreciation and aromatization (EBITDA) fell 1.2% to 14.4bn. Analysts had been looking for a 1% rise.
Revenue fell 2.6% to 43.8bn as underlying momentum and the benefit from the acquisition of Liberty Global was offset by the effects of Covid-19 on roaming and visitor revenue, as well as foreign exchange movements, the company said.
Vodafone said it expected fiscal 2022 adjusted EBITDA to be between 15 – 15.4bn with adjusted free cash flow of at least 5.2bn.
Chief executive Nick Read said Vodafone finished the year with accelerating service revenue growth across its business, with a particularly good performance in its largest market, Germany.
