Vodafone has published quarterly results for the three-month period ending 31st December 2011.
Reported revenue for the group decreased by 2.3% to £11.6 billion, although this is said to be equivalent to an ‘organic’ 1.6% year-on-year increase when acquisitions, exchange rates and inter-company changes are factored in. Group service revenue was up by an organic 0.9% but mobile termination rate cuts contributed to this being a reported 3.2% drop.
Overall data revenue was up 21.8% organically, with 24.4% of Vodafone’s European customers owning smartphones.
In the UK, service revenue was driven by enterprise and data revenue growth to an organic 1.1% increase, despite the impact of MTR cuts and reduced consumer spending on ‘out of bundle’ usage.
Vittorio Colao, Vodafone’s Chief Executive, said “We are continuing to make progress in the key strategic areas of data, enterprise and emerging markets. Despite the further deterioration of the southern European economic environment during the quarter, our broad geographic mix is delivering a resilient overall performance. Our improved value perception, strong cash generation and healthy balance sheet give us confidence that we can continue to execute well.”