The boss of Vodafone launched a ferocious attack on BT and Deutsche Telekom today, accusing them of trying to recreate the monopolies they held 30 years ago across Europe.
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In October, Vodafone Group’s global chief executive officer Vittorio Colao said the Indian arm of the multinational was preparing for an initial public offering (IPO) of its shares in India, though he didn’t specify any timelines for the same.
Vodafone Group Plc, the second-largest mobile-phone company by customers, reported service revenue that rose more than analysts estimated as markets in Europe recovered. “Our financial performance is beginning to reflect the positive impact” of the company’s network-investment program and demand for high-speed broadband and mobile data worldwide.
He called on European Competition Commissioner Margrethe Vestager to investigate the power of the former state-owned telcos because, he claimed: “Your main supplier is actually a competitor and does not play ball”. It previously guided the bottom end of the range at GBP11.5 billion.
Vodafone shares fell 1.75 pence to 214.45 pence in London trading Monday.
In the six-month period under review revenues declined by 2.3% year-on-year to GBP20.266 billion (USD31.2 billion), while group service revenues fell by 3.7% against the corresponding period of the previous fiscal year to GBP18.430 billion.
The company also said it will begin reporting in euros, switching away from pounds, starting in April 2016.
Second-quarter revenue excluding handset sales, mergers, acquisitions and currency effects rose 1.2%. Overall in H1, just over a quarter of Vodafone’s European service revenue came from fixed line.
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The firm ended talks with Liberty in late September, having sparked speculation over a merger when it said in June it had entered discussions regarding “a possible exchange of selected assets between the two companies”. Malone’s operations in Europe would’ve helped Vodafone accelerate its plans to add cable and Web customers. “Plan A continues to deliver”. It blamed “competitive pressures in a number of markets”. Telefonica’s O2 and CK Hutchison Holdings’ Three will combine to become the biggest mobile operator next year.
