Vodafone climbs on lower losses

The price of shares in FTSE 100 telecoms firm Vodafone (LON:VOD) increased by 8.37% to 122.46p (as of 10:30 BST) after losses for the 2020 financial year narrowed by more than 90%. Revenues for the 12 months were up by 3% relative to the comparative period, but dividends were held steady at 9p.

CEO Nick Read commented: “Vodafone has delivered a good financial performance – growing revenue, adjusted EBITDA and free cash flow – whilst building strong commercial momentum through the year and executing at pace on our strategic priorities. We have also continued to invest in our fixed and mobile Gigabit network infrastructure and digital services, to provide faster speeds for our customers, as well as successfully managing the recent surges in demand. The services Vodafone provides are more important than ever and we are committed to playing a key role in society’s recovery to the ‘new normal’.

I am pleased with the rapid, comprehensive and coordinated way we responded to the COVID-19 crisis. I want to give my personal thanks to the entire Vodafone team, who through their dedication, expertise and professionalism, have kept families, friends and communities connected, enabled students to continue their education, helped businesses operate and proactively supported governments to deliver critical services“.