Feeds

Vodafone abandons buying frenzy for profits

Pre-tax profits rise 30 per cent

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Vodafone Group today said it would abandon its acquisition frenzy to concentrate on profits and Net phones.

The British company hit reduced forecasts for the year ended 31 March 2001, with pre-tax profits up 28 per cent to £7 billion.

Continental Europe was the biggest earner, accounting for £3.5 billion, while the US and UK brought in £1.6 billion and £1 billion respectively. Asia Pacific and the Middle East and Africa recorded profits of £587 million and £287 million.

Sales grew 29 per cent to £21.4 billion.

The company claimed it had 83 million users (it recently confessed that 12 per cent of its customers were "inactive"), up from 53.3 last year. This included 12.3 million customers in the UK (a rise of 40 per cent).

"Following the recent introduction of changes to our commercial policies the focus in this financial year, as we transition to new data services, will be on continued margin improvement and cash flow growth, rather than customer growth and market share," said Vodafone CEO Chris Gent.

Vodafone, which has expanded into Spain, Ireland, Switzerland, Mexico, China and Japan in the past year, is expected to launch its next generation Net-enabled GPRS phones to consumers later this week, the FT reports. ®

Related Stories

Vodafone produces largest ever UK share issue
Vodafone faces profit warning

Secure remote control for conventional and virtual desktops

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.