Vodafone Cuts Dividend After Swinging to Fiscal Year 2019 Loss
May 14 2019 - 2:56AM
Dow Jones News
By Adria Calatayud
Vodafone Group PLC (VOD.LN) said Tuesday that it is cutting its
full-year dividend, having increased payouts to shareholders
without interruption since 1998, as it reported a swing to a loss
for fiscal 2019.
The U.K. telecommunications company declared a full-year
dividend of 9 European cents a share, down from 15.07 European
cents a share a year earlier. The company had previously said it
expected to maintain its full-year dividend unchanged on year.
Vodafone reported a pretax loss for the year ended March 31 of
2.61 billion euros ($2.94 billion) compared with a profit of
EUR3.88 billion in fiscal 2018, it said.
Adjusted earnings before interest, taxes, depreciation and
amortization--the company's preferred profit measure--rose 3.1% on
an organic basis, in line with the company's guidance of around 3%
underlying organic growth, Vodafone said.
Revenue for fiscal 2019 fell 6.2% to EUR43.67 billion from
EUR46.57 billion, the company said. Analysts had forecast revenue
of EUR45.01 billion, according to a consensus based on estimates by
15 analysts provided by FactSet.
For the year ahead, Vodafone guided for adjusted Ebitda of
between EUR13.8 billion and EUR14.2 billion and free-cash flow
before spectrum costs of at least EUR5.4 billion.
Vodafone also said it is launching 5G services in seven cities
across the U.K. on July 3.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
May 14, 2019 02:41 ET (06:41 GMT)
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