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Vodafone revenue dragged lower by Spain and South Africa


By Paul Sandle LONDON (Reuters) – Vodafone reported another big quarterly drop in its main revenue measure, as weakness in South Africa and Spain offset stabilization elsewhere in Europe, and said a broader improvement is not expected until later in the year. Vodafone said on Friday the pace of decline in organic service revenue, which strips out items such as handset sales and currency movements, accelerated to 4.2 percent in the three months to June 30, the companys financial first quarter. Chief Executive Vittorio Colao said the group was doing better in some European markets, such as Germany and Britain. Shares in Vodafone, which have fallen 9 percent in the last three months, underperforming the European telecoms index by 11 percent, were trading up 1.5 percent at 201 pence 1045 GMT.

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