Vodafone reported for the year and warned of layoffs of 11 thousand employees
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According to the results of the 2022–2023 financial year, one of the largest mobile operators Vodafone Group informed about a slight increase in most indicators. Thus, revenue increased by 0.3% to €45.7 billion, due to the weak performance of the European division and the negative effects of changes in exchange rates. Adjusted EBITDA fell by 1.3% to €14.7 billion, while the EBITDA margin also fell by 1.4% to 32.1%. Operating profit rose by 145.9% to €14.4 billion, but this was mainly due to the sale of the Vantage Towers division. Net debt of Vodafone Group decreased by 19.7% to €33.4 billion.
Commenting on the company’s results, last month’s appointment as Vodafone Group CEO Marguerite Della Valle said: “Our results are not good enough. To consistently deliver good results, Vodafone must change.” Among the priorities for the near future, Ms. Della Valle called “customers, simplicity and growth.” In particular, she said, 11 thousand employees will be laid off in the next three years. This is about 10% of the total number of employees of the Vodafone Group, which owns cellular networks in more than 20 countries, is a partner in networks in more than 45 countries, and also provides telecommunications and IT services to customers in 150 countries. The company is currently in its final stages. mergers with the British mobile operator Three UK, as a result of which the largest operator in the UK is formed.
Meanwhile, in recent years, Vodafone Group shares have been steadily falling, in December 2022 they reached an almost 20-year low. Shares on the London Stock Exchange react to the publication of today’s financial statements with a fall of 4.2%.
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