Menu
30/05/2006
Vodafone announces record loss
Mobile phone company Vodafone has announced a loss of nearly £14.9 billion, the biggest loss ever made by a UK firm.
The announcement comes after the company wrote off around £23.5 billion after revaluing its German business Mannesmann, which Vodafone acquired in 2001 in a deal worth over £100 billion.
Vodafone announced that 400 jobs would be cut at its headquarters in Newbury in order to help reduce costs.
However, excluding the one-off costs, Vodafone reported a profit of £8.7 billion for the year to March 31, which was an increase from £7.8 billion the previous year.
Vodafone chief executive Arun Sarin said: "Vodafone has met or exceeded expectations, outperforming its competitors in an increasingly challenging marketplace."
However, Mr Sarin has come under increasing pressure as mobile phone companies face declining sales growth and face challenges to expand into new areas such as fixed-line internet services.
Vodafone has sold its Japanese business for £8.9 billion and a new strategic focus, introduced in April, plans to concentrate on markets in emerging markets in countries such as India, while reducing costs in some European markets where growth is slowing.
(KMcA)
The announcement comes after the company wrote off around £23.5 billion after revaluing its German business Mannesmann, which Vodafone acquired in 2001 in a deal worth over £100 billion.
Vodafone announced that 400 jobs would be cut at its headquarters in Newbury in order to help reduce costs.
However, excluding the one-off costs, Vodafone reported a profit of £8.7 billion for the year to March 31, which was an increase from £7.8 billion the previous year.
Vodafone chief executive Arun Sarin said: "Vodafone has met or exceeded expectations, outperforming its competitors in an increasingly challenging marketplace."
However, Mr Sarin has come under increasing pressure as mobile phone companies face declining sales growth and face challenges to expand into new areas such as fixed-line internet services.
Vodafone has sold its Japanese business for £8.9 billion and a new strategic focus, introduced in April, plans to concentrate on markets in emerging markets in countries such as India, while reducing costs in some European markets where growth is slowing.
(KMcA)
Related UK National News Stories
Click here for the latest headlines.
27 May 2003
Vodafone looks to turnover increase
Vodafone’s year-end results revealed a substantial turnover increase that helped cut the preceding year’s net loss of £16.16 billion to a loss to £9.82 billion. The group’s turnover rose from £22.85 million to £30.38 and was reflected in pre-tax earnings which increased 40% to £11.22 billion, up from £8 billion.
Vodafone looks to turnover increase
Vodafone’s year-end results revealed a substantial turnover increase that helped cut the preceding year’s net loss of £16.16 billion to a loss to £9.82 billion. The group’s turnover rose from £22.85 million to £30.38 and was reflected in pre-tax earnings which increased 40% to £11.22 billion, up from £8 billion.
07 August 2013
Vodafone And O2 To Launch 4G On Same Day
4G services will be available to Vodafone customers in London from August 29, the mobile provider has announced. Following this the service will be rolled in Manchester, Leeds and Sheffield by the end of 2013. The company has said the prices for a SIM only deal will begin as £26 per-month, on a 12-month contract.
Vodafone And O2 To Launch 4G On Same Day
4G services will be available to Vodafone customers in London from August 29, the mobile provider has announced. Following this the service will be rolled in Manchester, Leeds and Sheffield by the end of 2013. The company has said the prices for a SIM only deal will begin as £26 per-month, on a 12-month contract.
01 December 2003
Man Utd nets £36m deal with Vodafone
Manchester United have today agreed a £36 million sponsorship deal with Vodafone – the biggest ever brokered for a premiership club.
Man Utd nets £36m deal with Vodafone
Manchester United have today agreed a £36 million sponsorship deal with Vodafone – the biggest ever brokered for a premiership club.
09 December 2004
UK trade deficit gap widens by 0.9bn
The UK’s deficit on trade in goods and services is estimated to have widened by around 0.9 billion in October up from a deficit of £2.9 billion in September to £3.8 billion in October.
UK trade deficit gap widens by 0.9bn
The UK’s deficit on trade in goods and services is estimated to have widened by around 0.9 billion in October up from a deficit of £2.9 billion in September to £3.8 billion in October.
06 October 2011
Cameron 'Shops At Waitrose'
The Prime Minister David Cameron has been 'shopping' at Waitrose where Managing Director Mark Price met the Conservative Leader to discuss plans for a new £35 million regional distribution centre (RDC) in Chorley, Lancashire that will create up to 600 jobs.
Cameron 'Shops At Waitrose'
The Prime Minister David Cameron has been 'shopping' at Waitrose where Managing Director Mark Price met the Conservative Leader to discuss plans for a new £35 million regional distribution centre (RDC) in Chorley, Lancashire that will create up to 600 jobs.
-
Northern Ireland WeatherToday:A mostly cloudy start with scattered showers, the showers becoming more isolated and largely confined to the south this morning. Becoming brighter this afternoon, the best of any sunnier spells across northern counties. Northerly winds easing. Maximum temperature 12 °C.Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
