Vodafone showed signs its fortunes are starting to improve as it presses ahead with plans to merge with Three UK.
The FTSE 100 telecoms giant, which recently sold its businesses in Italy, Hungary and Ghana, said it is growing in Europe and Africa.
It comes amid a cost-cutting drive that has also led to the company selling Vantage Towers. And Vodafone has also received final approval to sell its Spanish business for £4.3bn.
As a result, the company will today launch a £430m share buyback program as part of plans to repay £1.7bn over the next 12 months.
Group profits rose 2.2 per cent to £9.5 billion in the year to the end of March, while revenue rose 6.3 per cent to £26 billion.
Good decision: Vodafone, which recently sold its businesses in Italy, Hungary and Ghana, said it is growing in Europe and Africa.
It also plans to halve its dividend in the year to March 2025.
CEO Margherita Della Valle said: “There is still a lot to do over the next year. We are fundamentally transforming Vodafone for growth.”
The shares rose 4.7 per cent, or 3.3 pence, to 73.28 pence. Vodafone remained optimistic about its proposed merger with Three UK.
In June last year, the couple agreed to combine their UK businesses.
Vodafone expects the £15bn merger, which is being reviewed by the competition watchdog, to be completed by the end of the year.
In the broader market, the FTSE 100 rose 0.2 per cent, or 13.14 points, to 8,428.13 and the FTSE 250 added 0.3 per cent, or 58.18 points, to 20,618.52.
‘Meme stock’ Gamestop extended gains as excitement grew over the possible return of Keith Gill, a financial analyst and investor, who was at the forefront of the pandemic buying spree.
The stock, which closed up nearly 75 percent on Monday after doubling in value at one point, rose another 52 percent yesterday.
Ingredient maker Treatt posted its highest-ever monthly revenue in March as it made progress in China.
The company said its second-quarter sales rose 5.1 percent in the three months to the end of March. The shares gained 3.1 per cent, or 14.5p, to 487.5p.
According to Marston’s, the rise in remote working has “diverted” leisure activities away from city centres, boosting local pubs. #
The brewing business, which owns almost 1,400 pubs, is cashing in on this trend, with sales rising 5.2 per cent to £428.1 million in the first half to March 30.
But Marston’s losses widened from £38.1m to £43.5m, sending the shares down 0.9 per cent, or 0.3p, to 33.45p.
Online travel firm On the Beach is gearing up for its biggest summer ever, but warned the package holiday market “remains more challenging” as cost of living pressures continue to take their toll.
The shares fell 14.4 per cent, or 24.2 pence, to 143.4 pence.
Fishing retailer Angling Direct attracted investors with a bumper update. Its UK sales rose 9 per cent to a record £77.4m, helping group revenue rise 10.2 per cent to £81.7m.
Profits also more than doubled to £1.5m.
Angling Direct shares rose 2.9 per cent, or 1p, to 35.7p.