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Vodafone: shares rally after 'good' financial performance

( - Vodafone on Tuesday reported a "good" financial performance for the year ended 31 March, with growth in revenue, profit and free cash flow.
This news lifted its shares to a two-month high.

Group revenue grew by 3% to 45 billion euros in fiscal year 2019/2020, the British mobile phone giant said, helped by improving commercial momentum in Europe.

Adjusted EBITDA rose by 2.6% to 14.9 billion euros, due to its cost cutting program, while free cash flow increased by 12.2% to 4.9 billion euros, on the back of a "disciplined" capital management, it added.

Whilst Vodafone believes that its business model is "more resilient" than others, the company is not immune to the economic impact of the Covid-19 pandemic, it warned.

Under such circumstances Ebitda for the fiscal year 2020/21 may be "flat to slightly down" compared to the previous financial year, it said.

Investors saw the bottle half full, with Vodafone shares trading up 5.7% on the London Stock Exchange on Tuesday morning.

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