SUNDAY, 23 FEB 2020

 

CONNECT

Facebook Linked In Twitter
Anti_Fraud_04/02-27/04_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Natasa Pilides Underlines Need To Maintain The Competitiveness Of European Shipping

Charles Mitchel Contacts UN SG To Discuss Bloc's Involvement With Cyprus Issue

IMH LTD
GAP_Group_2019_468x60px

INTERNATIONAL

brought to you by CIPA

Vodafone Cuts Payout to Shareholders

Vodafone Cuts Payout to Shareholders

Vodafone has swung to a full-year loss and cut its payout to shareholders for the first time, the BBC reports. 

The reduction in the dividend to 9 euro cents a share from 15.07 cents contradicts a pledge in November by new chief executive Nick Read to maintain the payout. The mobile phone giant pays one of the biggest dividends in the UK.

The €7.6bn (£6.6bn) full-year loss was in part caused by a transaction in India. A year ago profits were €2.8bn. Among the other reasons for the loss was a reduction in the value of investments in Spain and Romania.

Revenues in the year to March fell 6% to €43.7bn. Floated on the stock market as part of Racal Telecomms in the 1980s, Vodafone made the world's first mobile phone call from London to Newbury - where it still based - in 1985.
But since then it has expanded beyond mobile phones, buying broadband companies in countries such as Germany and Spain, and is now incurring big bills to build 5G networks. It is also in the process of taking over some of the assets of Liberty Global in what it is its biggest deal since its £112bn takeover of German company Mannesmann in 2000.

In the process it has amounted debt - it had €27.0bn of debt at the end of its financial year, down from €29.6bn a year earlier - and it also needs to invest in 5G networks. Read said the group was at a "key point of transformation". He is aiming to cross-sell additional products, such as broadband, cut operating costs and is setting up a new division for Vodafone's European mobile towers. "We are executing our strategy at pace and have achieved our guidance for the year, with good growth in most markets but also increased competition in Spain and Italy and headwinds in South Africa," Read said. "These challenges weighed on our service revenue growth during the year, and together with high spectrum auction costs have reduced our financial headroom." He said the dividend was being "rebased" to allow further growth and cut back on debt.
Chris Beauchamp, chief market analyst at IG, told BBC Radio 4's Today Programme: "Vodafone is a huge dividend payer and so [it's] important."The fact they've been expanding heavily has meant they need to now cut back on the dividend to pay down all the debt they've acquired."

Vodafone started paying dividends in the 1990s, and its payouts amount to about €3.5bn a year.

 

MORE ON INTERNATIONAL

Jeff Bezos Pledges $10 Billion Towards Fight Against Climate Change

Jeff Bezos is throwing his weight — and wealth — behind the fight against ...

Facebook Boss Urges Tighter Regulation On Harmful Online Content

Facebook boss Mark Zuckerberg has called for more regulation of harmful online content, ...

US Charges Huawei With Racketeering, Escalating Crackdown On Tech Giant

The US government has charged Chinese technology giant Huawei with racketeering and ...

FROM AROUND GOLDNEWS

   

The Cyprus Shipping Chamber Actively Participated At The European Shipping Week

The Cyprus Shipping Chamber participated at the 3rd European Shipping Week held between 17-21 February 2020, in Brussels, through its President, Philippos ...
   

Natasa Pilides Underlines Need To Maintain The Competitiveness Of European Shipping

Cyprus' Shipping Deputy Minister Natasa Pilides underlined "the need to maintain the competitiveness of European Shipping," during the debate on ...
   

Communications And Transport Had The Largest Positive Change Over Consumer Prices In January 2020

In January 2020, according to CyStat, the Harmonized Index of Consumer Prices (HCIP) increased by 0,7% compared to the index of January 2019 while, when ...
   

Charles Mitchel Contacts UN Secretary-General To Discuss Bloc's Involvement With Cyprus Issue

The Cyprus government welcomes the active involvement of the EU in efforts to solve the Cyprus issue, following the initiative of the President of the European ...
   

Google’s Recipe For Success At The 3rd Data Management Forum

Collecting the right data requires first understanding what kind of actions we need to achieve from it. Learn some funda­mental best practices on data ...
   

EU Deadlocked In Budget Summit As Rifts Laid Bare

EU leaders were deadlocked over the bloc’s next multiannual budget after lengthy summit talks on Thursday night laid bare rifts over how to fill the ...
   

Substantial Increase In Investment Fund Assets For December 2019

The Central Bank of Cyprus has released yesterday the Investment Funds statistics for the reference month of December 2019. Τhe number of investment funds ...
   

Cyprus Enterprises Find It Less Difficult To Recruit ICT Specialists Relatively To The E

Hiring expertise in information and communication technologies (ICT) is a challenge for businesses in the European Union (EU). During 2018, according to ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Data_Forum_24/01-04/03_300x250px
Gold_Issue_300x250px

IMH LTD