Vodafone stays on track despite pandemic

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In the last quarter of 2020, revenues were down only slightly to €11.75 billion, thanks to Germany, Turkey and Vodacom.

Despite lost revenue due to the COVID-19 outbreak, Vodafone Group’s financial Q3 revenues to the end of December fell only slightly to €11.75 billion.

This was due in large part to a particularly strong performance in Germany.

Vodafone said it could still make its predicted numbers for the financial year.

Record traffic

Nick Read, Group CEO said, “Our networks have successfully delivered another quarter of record data traffic as many countries continue to endure COVID-19 lockdowns and customers depend on our services.

“We have achieved this while further reducing our carbon footprint and we are making fast progress towards our important target of having our European networks wholly powered by renewable electricity by July this year”.

Vodafone ended the quarter with a slight increase in European subscribers with 65.4 million mobile contract customers and 25.5 million fixed broadband customers compared with the numbers at the end of 2019.

Towers and giving

The IPO of its Vantage Towers unit early this year is on schedule but no exact date was given. Dan Ridsdale, MD of Technology & Platform at Edison Group commented, Looking ahead, investors will keep a keen eye on the IPO of Vantage Towers in early 2021 following Vodafone's transferal of 50% of [its] stake in Cornerstone into the infrastructure company, as well as recently announced business partnerships with RingCentral and Amazon Web Services' Wavelength."

Read also said, “Vodafone has now contributed over €150 million since the start of the pandemic, through direct contributions and in-kind services to those in need, and we will continue to help society recover and build back stronger."