Feeds

Vodafone takes £28bn hit

Warns of tough times ahead

High performance access to file storage

Vodafone expects to reduce the value of its assets by between £23bn and £28bn, it said, as its nears completion of its budget for next year.

Announcing the massive hit, the mobile phone giant said: "Vodafone now expects the outcome of this review of the carrying value of its assets will be a material impairment in the carrying value of goodwill in the range of £23bn to £28bn, reflecting a lower view of growth prospects, particularly in the medium to long term, than those it had used previously."

This, it said, was "against a backdrop of intensifying competition and pricing pressures in several of its key markets". Indeed, this increased competition has prompted Vodafone to lower its growth predictions for the next year, warning that EBITDA (earnings before interest etc) looks set to fall.

In a statement issued to the stock exchange, the firm said it expects mobile revenue growth will be slower than expected - in the range of five per cent to 6.5 per cent - thanks to increasing competition and regulatory reductions in termination rates.

By late this morning, shares in Vodafone had recovered after early falls but were still down 3.25p (2.78 per cent) at 113.75p. ®

SANS - Survey on application security programs

More from The Register

next story
A black box for your SUITCASE: Now your lost luggage can phone home – quite literally
Breakfast in London, lunch in NYC, and your clothes in Peru
Broadband Secretary of SHEEP sensationally quits Cabinet
Maria Miller finally resigns over expenses row
Skype pimps pro-level broadcast service
Playing Cat and Mouse with the media
EE dismisses DATA-BURNING glitch with Orange Mail app
Bug quietly slurps PAYG credit - yet EE denies it exists
Like Google, Comcast might roll its own mobile voice network
Says anything's possible if regulators approve merger with Time Warner
Turnbull leaves Australia's broadband blackspots in the dark
New Statement of Expectations to NBN Co offers get-out clauses for blackspot builds
Facebook claims 100 MEEELLION active users in India
Who needs China when you've got the next billion in your sights?
Facebook splats in-app chat, whacks brats into crack yakety-yak app
Jibber-jabbering addicts turfed out just as Zuck warned
prev story

Whitepapers

Designing a defence for mobile apps
In this whitepaper learn the various considerations for defending mobile applications; from the mobile application architecture itself to the myriad testing technologies needed to properly assess mobile applications risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.