Vodafone Ireland expects rebound after Covid crisis hits revenues

Vodafone Ireland posted a €38.4 million operating loss in the year to the end of March 2021, as the Covid crisis impacted on the business.

The mobile operator attributed a 2.9 per cent decline in annual turnover to €917.5 million to the impact of lower roaming and visitor revenue following a significant reduction in international travel as much of the world went into lockdown. It said it expected to see a rebound in revenues on the back of the lifting of restrictions.

The company reported a €38.4 million operating loss versus a €15.5 million profit a year earlier, with pretax losses totalling €44.7 million compared with a €13.2 million profit in 2020.

“The company has experienced a recovery in service revenue and financial performance driven by continued growth in mobile customers and fixed broadband customers with higher roaming revenue since Covid-19 restrictions have eased,” Vodafone said.

Dublin-based blockchain banking joint venture raises €5.5m

---

Web Summit seeks to prevent co-founder’s firm pursuing €5m-10m profit share claim

---

Russia’s cyberattack threat: How serious is it and how can you protect yourself?

---

Arcol raises €3.25m for web-based building design tool

---

“Growth is strong across core areas of the business driven by continued investment and expansion across the company’s mobile and fixed broadband services and, as such, the directors are not anticipating significant long-term impact on the business,” it added.

Although turnover slipped, Vodafone Ireland increased its mobile and fixed contract customers over the year.

Mobile contract customers rose 5.8 per cent or 68,000 accounts while fixed contract subscribers increased 3.8 per cent or by 13,000 accounts. The company has a total customer base of more than 2.35 million, it said.

Vodafone Ireland employed an average of 999 people last year with staff costs coming in at €88.3 million.