European markets weigh heavily on Vodafone
Tuesday 19th May 2009, 1:34PM BST.
Vodafone has unveiled annual profits of £11.8 billion, but warned investors to expect reduced returns in 2009/10.
The mobile network giant said its operating profits for the last year were up 16.7 per cent owing to gains in India and also Africa.
But in Europe, especially Spain, a fall in consumer spending has lowered expectations for the next financial year, led to an acceleration of the Newbury-based group’s cost-cutting plan and write-downs of £5.9 billion.
“In Europe and central Europe, recent significant declines in GDP and continued competitive intensity will make operating conditions challenging in the 2010 financial year,” a statement said.
Nevertheless, Vodafone still said it expects profits in excess of £11 billion next year.
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