The 'encouraging signs' from Vodafone

After a terrible share price performance since the start of the year, Vodafone provided a more reassuring set of half year results last week.

As expected, it reported lower group revenues and a reported loss of €7.8bn (which was significantly lower compared to last year) as a result of asset impairments and the loss on disposal of various businesses, mainly Vodafone India, while there were also foreign exchange headwinds.  UK pre-tax profits hit new record of £218bn in Q3 There was the issue of higher levels of competition in Italy and Spain during the period however, investors should appreciate that the organic and adjusted figures were quite encouraging. Organic service revenues headed higher by 0.8%, while there was g...