Vodafone group see revenue fall €800 million in Q3

Revenues from the UK arm shrunk 5.2 per cent finishing on €1.7 billion (£1.4Bn)

Vodafone has announced revenues for its third quarter have fallen by €800 million (£693Mn).

The operator finished the quarter with €10.9 billion (£9.53Bn) of revenue, a 6.8 per cent decline year on year.

In the UK the operator pulled in €1.724 billion (£1.49Bn), a 5.2 per cent decrease from the €1.818 billion (£1.57Bn) reported for the same period last year. Italy and Spain also saw declines in revenues of 2.8 per cent and 7.3 per cent respectively.

Revenues from its mobile service also declined in the UK, falling 8.5 per cent to €1.041 billion (£900Mn) however fixed service revenues did grown to €385 million (£333Mn).

Vodafone Group chief executive Nick Read said: “Lower mobile contract churn across our markets and improved customer trends in Italy and Spain are encouraging, however these have not yet translated into our financial results, with a similar revenue trend in Europe to Q2.

“This week we announced the intention to extend our existing network sharing agreement with Telefonica O2 in the UK to include 5G services. This will enable us to deploy 5G services to more customers over a wider geographic area, and to do so at a lower cost.

After these arrangements have been finalised, we also intend to explore opportunities to monetise our UK tower assets.”