£1bn investment plan at Vodafone

Mobile phone giant Vodafone has topped up its investment plans by another £1bn as it reaps the benefit from one of the biggest corporate deals in history

Vodafone
Vodafone

Mobile phone giant Vodafone has topped up its investment plans by another £1bn as it reaps the benefit from one of the biggest corporate deals in history.

The company previously pledged to spend £6bn under Project Spring, with initiatives including the roll-out of its 4G network to ensure 90% coverage in its five main European markets by 2017.

But with the £84bn sale of its share of Verizon Wireless under its belt, the company announced investment will reach £7bn by March 2016, as it looks to build a stronger network for customers.

Shareholders have already been told that the company will return £54bn to them as a result of the Verizon deal in the United States.

The investment update came as the company highlighted the impact of difficult trading conditions in Europe, with its service revenues down by 4.9% on an underlying basis in the six months to September 30.

It has been squeezed by increasing price competition in its major European markets of Germany, the Netherlands and the UK, where service revenues decreased by 4.4%.

Journalists

David Whetstone
Culture Editor
Graeme Whitfield
Business Editor
Mark Douglas
Newcastle United Editor
Stuart Rayner
Sports Writer