Vodafone returns to underlying growth, as Project Spring winds down
Vodafone saw its revenues fall 3% year-on-year in 2015, to £40.97bn ($59.34bn), but its blushes were spared by a return to underlying growth, with encouraging performances in the AMAP division (Africa, the Middle East and Asia Pacific), while the finances were boosted by the completion of the huge Project Spring network upgrade program.
For the year, operating profit fell 30% to £1.38bn ($2bn), and adjusted operating profits slipped 11.1% to £3.12bn ($4.5bn), while EBITDA was down 2.5% to £11.6bn ($16.8bn), but up 2.7% organically.
Despite these humdrum figures, Vodafone returned to organic growth in both revenue (up 2.3%) and EBITDA for the first time since 2008. The op