Morning:
8°c
Vodafone lifts forecasts for profits thanks to weak pound
Hugo Duncan3 Feb 2009
Vodafone today raised its revenues and profits forecasts for the year, but admitted the improvement was down to a weak pound.
The world's biggest mobile phone company said it expects revenues of up to £41.5 billion in the year to the end of March, compared with up to £39.7 billion it predicted in November.
It also lifted its profits forecast by £500 million to between £11.5 billion and £12 billion.
The increase came after third-quarter revenues rose 14.3% to £10.47 billion.
Chief executive Vittorio Colao admitted the improvement was down to changes in foreign exchange rates as currencies such as the euro and dollar strengthened against sterling.
Stripping out currency movements, disposals and acquisitions, revenues fell 1% in the third quarter as stagnating sales in the UK and Europe offset growth in Asia and the Middle East.
Vodafone added 9.5 million customers in the final three months of 2008 to take its total up to 289 million.
