Quarterly figures from Vodafone Group show service revenue declining by 2.6% year-on-year to £10.4 billion, despite data revenue increasing by 12.8%. In the UK, service revenue was down 5.2%.
The company is aiming to cut £300 million from its costs during the next financial year.
Vittorio Colao, Vodafone’s Chief Executive, said “Our results continue to reflect very difficult market conditions in Europe. We are addressing this through firm actions on cost efficiency, and continuing to invest in areas of growth potential. We continue to make progress in our Vodafone 2015 strategy, with good revenue growth in data and emerging markets, the launch of LTE services in another four markets and the acquisition of new spectrum. Vodafone Red, our new strategic pricing approach in Europe, has been launched in five markets with positive early take-up, and to drive growth in enterprise we have created a new enterprise business unit and accelerated our integration plans for Cable & Wireless Worldwide.”
[Presentation (pdf)]