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Vodafone upgrades guidance as 1H profits rise

Vodafone Group upgraded its annual earnings guidance after it increased first-half operating profits by around a third.

Operating profit jumped 32.5% to €2.0b, despite revenue falling 4.1% to €23.1b.

Services revenue, an underlying measure preferred by the company, grew by 1.7% in the first half, and by 1.3% in the second quarter.

Organic adjusted Ebitda grew by 13.0% to €7.4b, or by 9.3% excluding items related European Union roaming policy changes, UK handset financing and regulatory settlements.

The company raised its full-year guidance for organic adjusted EBITDA growth to around 10%, up from a previous range of 4-8%, implying a range of €14.75b-€14.95b at guidance foreign exchange rates.

"In the first half of the year we have maintained good commercial momentum," chief executive Vittorio Colao said.

"Revenue grew organically in the majority of our markets driven by mobile data and our continued success as Europe's fastest growing broadband provider."

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