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European recovery boosts Vodafone

A strong recovery in mainland Europe has resulted in Vodafone raising its full-year guidance significantly, sending its shares to the top of the FTSE leader board.

Garry White

in Features


Vodafone sold its stake in US group Verizon Wireless in 2013 and returned £51bn of cash to shareholders. This bumper cash bonus was good for a one-off shareholder bonanza, but the stake sale left the company substantially smaller and heavily exposed to Europe, where the economy was stuttering. With 70% of revenue now derived from the region, the company really needed to see an improvement in the economic backdrop. It now appears to have arrived.

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