Vodafone Ireland gains 27,300 customers in third quarter
Company announces additional €1.19 billion investment for rollout of 4G across Europe
Vodafone will spend £7 billion under Project Spring, which includes plans to roll-out its 4G networks to ensure 90 per cent coverage in its five main European markets, including Ireland, by 2017. Photograph: Krisztian Bocsi/Bloomberg
The company has retained its position as Ireland’s biggest telecommunications provider, with a total customer base of 2.4 million at the end of September, which includes 2.1 million mobile customers.
The Vodafone group announced an additional £1 billion (€1.19 billion) investment in its global networks today following the recent $84 billion (€62.8 billion) sale of Verizon Wireless in the US, one of the biggest corporate deals in history.
The mobile phone giant had previously pledged to spend £6 billion under Project Spring, which included plans to roll-out its 4G networks to ensure 90 per cent coverage in its five main European markets, including Ireland, by 2017.
The company announced today that the investment would be increased to £7 billion by March 2016.
The company’s interim management statement also revealed the impact of difficult trading conditions in Europe, as service revenues fell 4.9 per cent in the six months to the end of September.
Adjusted operating profits for the group were 8.3 per cent lower at £5.7 billion but Vodafone said it remained on track to meet its full-year forecasts.
Chief executive Vittorio Colao described trading conditions in Europe as “very tough” but said he was encouraged by signs of economic recovery and potential regulatory support for greater industry investment and consolidation.