Vodafone 1st Half Revenue +7.2%, Strikes Yahoo! Ad Deal"
LONDON -(Dow Jones)- Vodafone Group has reported a 7.2% rise in first-half revenues, said it was on track to meet full-year targets and unveiled a mobile advertising partnership with Internet giant Yahoo!.
Vodafone, Europe's largest mobile operator by market capitalization, said revenues for the six months to Sept. 10 rose to GBP15.59 billion from GBP14.55 billion the previous year.
Earnings before interest, tax, depreciation and amortization - or EBIDTA - grew 5.7% to GBP6.24 billion from GBP5.91 billion a year earlier.
Chief Executive Arun Sarin said in a statement: "Vodafone has announced first half results showing progress in very competitive markets. Despite the pressures from competition and regulation, we continue to execute the strategy laid out to shareholders in May and are on track to meet our full year targets."
The company swung into an operating loss of GBP2.95 billion due to an impairment charge resulting from increased income tax charges, but the closely watched adjusted figure increased by 7.5% to GBP5.14 billion from GBP4.78 billion the year before.
The 2005 interim figures have been restated by Vodafone to take into account the restructuring of the organization and to provide a like-for-like comparison following the disposal of assets, such as its Japanese and Swedish businesses, earlier this year.
The results beat analyst forecasts for EBITDA at GBP6.05 billion and adjusted operating profits at GBP4.85 billion. Revenues were in line with forecasts.
Vodafone Monday also unveiled a mobile advertising partnership with Internet giant Yahoo! As part of the deal Yahoo! will become Vodafone's exclusive display advertising partner.
At 0805 GMT, shares in Vodafone were up 4 pence, or 3.1%, at 140.25 pence.
Company Web site: http://www.vodafone.com
-By Daniel Thomas, Dow Jones Newswires; 44-20-7842-9264; dan.thomas@dowjones.com
(END) Dow Jones Newswires"
Posted to the site on 14th November 2006
