Feb 01, 2023 / 10:00AM GMT
Margherita Della Valle - Vodafone Group Public Limited Company - Interim CEO, CFO & Executive Director
Good morning, everyone, and thank you for joining me for our third quarter update. Before I open to questions from our analysts, I wanted to set out some context to our performance and my priorities for the year ahead.
The challenges we face are evident in our performance during the quarter. Service revenue grew 1.8%, but we only grew 0.5%, excluding Turkey, where inflation levels are very high. In Europe, our service revenue declined 1.1%, with Germany declining 1.8%, Italy declining 3.3% and Spain declining 8.7%.
But sustainable growth in Europe is possible. This is demonstrated by our ongoing good growth in the U.K. at 5.3% in the quarter and also in our other European markets. Sustainable growth is possible when we have the right combination of market conditions and strong commercial plans focused on customers' needs.
Declining service revenue in 3 of our 4 largest European markets is simply not good enough, and I know we are capable of doing better. In order to create
Q3 2023 Vodafone Group PLC Trading Statement Call Transcript
Feb 01, 2023
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