Telecoms giant Vodafone Group was the leading FTSE 100 faller on Tuesday as it announced full-year trading numbers and restructuring plans.
At 84p per share Vodafone shares were trading 6.7% lower.
Revenues at the business edged 0.3% higher in the 12 months to March, to 45.7bn. Organic service revenues meanwhile increased 2.2% year on year to 38bn.
But comparable service revenues in Germany dropped 1.6% in the period. Trading conditions remain tough in its key Central European market following the introduction of the Telecommunications Act in 2021.
The legislation banned automatic contract renewals and caused Vodafones cable broadband and TV customer bases to fall 119,000 and 412,000 respectively last year.
Adjusted pre-tax profit a…
Read the full article at: https://www.forbes.com/sites/roystonwild/2023/05/16/vodafone-falls-on-lacklustre-fy-results-leads-ftse-100-lower-as-restructuring-plans-announced/