By Kyle Morris

 

Vodafone Group PLC said Monday that performance in its first quarter of fiscal 2023 was in line with its expectations after continued growth in Europe and Africa and that it is on track to deliver fiscal 2023 guidance.

The U.K.-based telecommunications company said revenue for the three months ended June 30 was 11.28 billion euros ($11.52 billion) compared with EUR11.10 billion a year earlier. Group service revenue growth was 2.5% on an organic basis, it said.

In Germany, service revenue declined 0.5% organically, predominantly reflecting the impact of a new telecommunications act. Europe growth was bolstered by an acceleration in growth in the U.K., it said.

In Africa, growth was supported by an expansion of data revenue and financial services, with the M-Pesa customer base increasing to almost 50 million in the quarter.

The company said it is on track to deliver fiscal 2023 guidance, with adjusted earnings before interest, taxes, depreciation and amortization of between EUR15.0 billion and EUR15.5 billion.

"We have executed in line with our expectations, delivered another quarter of growth in both Europe and Africa, and seen an acceleration in business growth. Whilst we are not immune to the current macroeconomic challenges, we're on track to deliver financial results for the year in line with our guidance," Chief Executive Nick Read said.

 

Write to Kyle Morris at kyle.morris@dowjones.com

 

(END) Dow Jones Newswires

July 25, 2022 03:02 ET (07:02 GMT)

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