By Joe Hoppe

 

Vodafone Group PLC said Monday that revenue in its first quarter declined though it reiterated fiscal 2024 guidance, and named Luka Mucic as incoming chief financial officer.

The U.K.-based telecommunications group said revenue for the first quarter ended June 30 was 10.74 billion euros ($11.95 billion) compared with EUR11.28 billion a year earlier.

The company said group service revenue growth rose 3.7% on an organic basis, improving from 1.8% in the final quarter of fiscal 2023. German service revenue improved to negative 1.3% from negative 2.8% in the preceding quarter, driven by broadband price increases.

Vodafone reiterated its fiscal 2024 guidance, expecting adjusted earnings before interest, taxes, depreciation and amortization to be roughly flat at around EUR13.3 billion.

"Looking ahead, we have taken the first steps of our action plan focused on customers, simplicity and growth, but we have much more still to do," Chief Executive Margherita Della Valle said.

The company separately said Mucic will takeover as CFO from Sept. 1. Mucic was previously chief operating officer of SAP SE from 2014-2017, and CFO of SAP from 2014 until the end of March this year.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

July 24, 2023 02:35 ET (06:35 GMT)

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