Vodafone ramps up investment to capture growth opportunity

LONDON: Mobile and broadband operator Vodafone said it would accelerate investment in its network again this year after spending more to meet the demands of COVID-19, resulting in free cash flow growth falling short of market expectations.

The British company said free cash flow would increase to at least 5.2 billion euros this year, after it just met its target of “at least” 5 billion euros in the year to end-March. Analysts had expected on average an increase to 5.4 billion euros.

“The world has changed because of the pandemic,” Chief Executive Nick Read told reporters on Tuesday.