The Vodafone Group has probably had quite a hangover after posting net profits of £6.7 billion and waving goodbye to CEO Arun Sarin.
The company actually made a loss of £4.93 billion last year, so it’s fairly impressive to come back with so large a gain.
Here’s the financial breakdown - adjusted net profit, which excludes impairment losses, non-operating income from associate companies, and some currency effects, rose 6.7% to GBP6.63 billion, in line with analysts' estimates.
Annual sales rose 14.1% to £35.5 billion, driven by increased data sales, growth in emerging markets and positive currency exchange rates, in particular the strong rupee and Euro against the British pound.
The sales figure slightly exceeded analysts' belief of £35.2 billion and was above company guidance for full-year revenue of £34.5 billion to £35.1 billion.
Where’s the CEO gone?
Sarin’s departure has opened the door for deputy Vittrio Colao to make the step up, and the move hasn’t had a large effect on the company’s share price, as many believed Colao was being groomed for the position.
Vodafone expects another significant rise on profits for the fiscal year 2009 to between £39.8 billion and £40.7 billion.
"The group continues to drive revenue growth, particularly in respect of its communications strategy for data and fixed broadband services and in emerging markets," said Vodafone intriguingly in a statement.