Vodafone Group CEO Margherita Della Valle (pictured) highlighted a further acceleration of service revenue from its enterprise unit in fiscal Q3 2024 (calendar Q4 2023), as the company continued to make progress in attempts to simplify its operations.
The executive indicated Vodafone had achieved good service revenue growth in Europe and Africa, in part driven by its business unit with a reported 20 per cent growth within cloud and IoT services.
During an analyst Q&A call, Della Valle said its attempts to transform as a company were progressing, with it altering “where we focus our time and effort towards our customers” alongside efforts to make the business “simpler”.
Vodafone already completed a third of 11,000 planned staff cuts announced in May 2023 as part of this streamlining drive.
“We’re changing where we choose to operate to deliver good and reliable growth,” she added, pointing to ongoing efforts to gain approval for a planned sale of its unit in Spain and merger of UK business with its local 3-branded rival.
She also reiterated comments made by the company last week on the future of its unit in Italy, explaining it had been “actively exploring options for Vodafone Italy for some time” and was focused on achieving the “most value creating and deliverable outcome for our shareholders”.
In terms of its quarterly performance, revenue across the business was down 2.3 per cent year-on-year to €11.4 billion. However, the comparative period included now divested operations in Hungary and Ghana, which were both sold in early 2023.
Vodafone did not break out profit figures in the trading update.