- Revenue increased
- Net debt rose as free cash outflow increased
On the surface, these are pleasing results for Vodafone (VOD). Total revenue was up thanks to a recovery in demand for handsets and increased service revenue from Europe and Africa. This has enabled it to push up its full-year adjusted cash profit guidance to the top end of the range. Underlying cash profits increased by 6.5 per cent to €7.6bn (£6.7bn), reflecting the increase in revenues and a favourable legal settlement in Italy. The adjusted free cash flow forecast has also increased to at least €5.3bn (£4.5bn), from at least €5.2bn.