Britain's Vodafone calls up surging annual profit

British telecoms giant Vodafone on Tuesday logged surging annual net profit on rising sales and sliding tax, one day after revealing that an Emirati firm has become its biggest investor.

Profit after tax jumped to almost €2.1 billion in the financial year to March, Vodafone said in a results statement.That compared with a profit of €112 million in its previous annual report, when its performance was severely disrupted by fallout from the COVID pandemic.

Revenues swelled four per cent to €45.6 billion this time around on strong growth in Africa and Europe.

Vodafone chief executive Nick Read reportedly faces increasing criticism over his leadership. Photo: Lluis Gene / AFP

“We delivered a good financial performance in the year with growth in revenues, profits and cash flows,” said chief executive Nick Read. “Whilst we are not immune to the macroeconomic challenges in Europe and Africa, we are positioned well to manage them and we expect to deliver a resilient financial performance in the year ahead.”

Vodafone shares flatlined at 120 pence in London midday deals. The stock had rallied on Monday on news that state-controlled Emirates Telecommunications Group Company had become its...