Shares of Vodafone Group PLC (LON: VOD) are trading about 4% higher this morning in London after the telecom giant maintained interim dividend.
Vodafone, the world’s second largest telecom operator, posted adjusted earnings of €7.0 billion, which is 1.9% lower compared to a year ago. Revenue fell 2.3% to €21.4 billion on lower income from roaming fees and handset sales.
“COVID-19 and the reduction in roaming revenues, through the significant reduction in international travel, is currently obscuring our underlying commercial progress, with Q2 service revenue growing by 1.5% excluding roaming,” Nick Read, chief executive, said in the statement.
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Vodafone also reduced net debt, which now stands at €44 billion from €48.1 billion a year ago. As a result, the company confirmed the interim dividend payout at 4.50c.
Moreover, the telecom giant also confirmed the full-year guidance of €14.4 – 14.6 billion in underlying profits and free cash flow of at least €5 billion.
Vodafone share price moved around 4% higher to print 125.00p, the highest it traded since July.
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