British telecommunication company Vodafone Group reported growth in overall business for the first time since 2008, helped by recovery in Europe. The sales revenue for the fourth fiscal quarter grow and the growth managed to exceed analysts’ expectations. For this contributed to better performance of some of its key European markets, transmit Bloomberg. The European business reported growth for the first time in six years during the first three months of 2016 revenues from European operations grew by 0.5% to 6.3 billion GBP during the quarter. Organic revenue from services that include user fees, but not sales of phones rose by 2.5% in the quarter ended on March 31st. Analysts had expected 1.5% growth.
For the fiscal year ended in March, Vodafone reported growth in earnings before taxes, depreciation and amortization by 2.7% to 11.6 billion GBP. The amount was below analysts’ expectations of 11.7 billion GBP.
Over the past year Vodafone has managed to reduce the decline in revenues from services in Germany, Italy, Spain and the UK. At the same time he managed to win more markets such as Turkey and South Africa. In Britain, competition remains strong. In January, BT Group completed the acquisition of the mobile operator EE, and this month, regulators in the European Union blocked the proposed merger of two other operator.