<p>The company has received, "Strong service revenue growth in India (16.8 per cent), Turkey (32.1 per cent) and its South African unit Vodacom (7.8 per cent)."<br /><br />"Revenue from our key focus areas of data, enterprise and emerging markets continues to grow strongly," Vodafone Chief Executive Vittorio Colao said.<br /><br />At the end of the April-June period, the company had free cash flow of 1.2 billion pounds.<br />"With our broad geographical mix and improving market positions, we are well placed for the rest of the financial year," Colao added.<br /><br />However, the company said that conditions in southern Europe remain challenging, including Italy and Spain, due to price reductions.<br /><br />"Macroeconomic challenges continue to dominate the performance of our businesses in southern Europe," the company said.<br /><br />Net debt reduced to 23.1 billion pounds following the receipt of 6.8 billion pounds in proceeds from the disposal of SFR and the company has started a 4 billion pounds share buyback, under which it has till now been able to complete 10 per cent.<br /><br />"Businesses in our major markets continued to grow strongly, with India continuing to see a more stable pricing environment and Vodacom continuing to lead the South African market in mobile data," Colao added.<br /><br />Following the quarter end, the company announced the acquisition of a 33 per cent Essar stake in Vodafone Essar Ltd.<br /><br />Total cash outflow in respect of this transaction will be USD 5.46 billion (3.4 billion pounds).<br /><br />The company said, "Trading in the first quarter was consistent with management's expectations, with a resilient performance in northern Europe and good momentum in our emerging markets. The group therefore confirms its guidance for the current financial year."</p>
<p>The company has received, "Strong service revenue growth in India (16.8 per cent), Turkey (32.1 per cent) and its South African unit Vodacom (7.8 per cent)."<br /><br />"Revenue from our key focus areas of data, enterprise and emerging markets continues to grow strongly," Vodafone Chief Executive Vittorio Colao said.<br /><br />At the end of the April-June period, the company had free cash flow of 1.2 billion pounds.<br />"With our broad geographical mix and improving market positions, we are well placed for the rest of the financial year," Colao added.<br /><br />However, the company said that conditions in southern Europe remain challenging, including Italy and Spain, due to price reductions.<br /><br />"Macroeconomic challenges continue to dominate the performance of our businesses in southern Europe," the company said.<br /><br />Net debt reduced to 23.1 billion pounds following the receipt of 6.8 billion pounds in proceeds from the disposal of SFR and the company has started a 4 billion pounds share buyback, under which it has till now been able to complete 10 per cent.<br /><br />"Businesses in our major markets continued to grow strongly, with India continuing to see a more stable pricing environment and Vodacom continuing to lead the South African market in mobile data," Colao added.<br /><br />Following the quarter end, the company announced the acquisition of a 33 per cent Essar stake in Vodafone Essar Ltd.<br /><br />Total cash outflow in respect of this transaction will be USD 5.46 billion (3.4 billion pounds).<br /><br />The company said, "Trading in the first quarter was consistent with management's expectations, with a resilient performance in northern Europe and good momentum in our emerging markets. The group therefore confirms its guidance for the current financial year."</p>