Putin cuts Europe’s gas supply again

Vodafone reported an increase in sales in the first quarter as price increases helped offset weak trading in Germany.

The telecoms giant said total revenue rose 1.6% over the three-month period, with service revenue up 2.5%.

Germany – its biggest market – suffered a 0.5% drop in services revenue, as its TV customer base fell by 79,000, while it also suffered a drop of 34,000 overall of its broadband service.

But that was countered as growth accelerated across the UK, where services revenue jumped 6.5% from 2% growth in the previous three months.

Vodafone said the improvement in the UK was partly due to annual price increases, but insisted it had not seen a “significant” increase in the number of customers leaving the group as it had added 18,000 contract customers during the quarter.

Nick Read, chief executive of Vodafone, said:

Although we are not immune to the current macroeconomic challenges, we are on track to deliver financial results for the year in line with our guidance.

Our near-term focus on our operational and portfolio priorities remains unchanged.

We have made good progress towards stabilizing our commercial performance in Germany, and we continue to actively pursue opportunities with Vantage towers and strengthen our market positions in Europe.

Mary I. Bruner