Vodafone has pledged £1.5 billion in network investment in the UK this year, the first portion of the £11 billion promised to regulators in order to secure approval for the company’s merger with Three UK.
The merger with Three UK, which is expected to complete in the first half of next year is forecast to bring £700 million in annual cost savings and deliver massive investments into the company’s 5G infrastructure.
“We will have the best spectrum, the best network and the largest customer base in mobile,” said Vodafone Group CEO Margherita Della Valle on a media call.
“Since I set out my plans to transform Vodafone two years ago, Vodafone has changed. Clearly there is much more to do, but this period of transition has repositioned Vodafone for multi-year growth,” she continued.
The announcement came alongside Vodafone Group’s latest financial results, which saw revenue rise 2% to €37.4 billion, while organic service revenue climbed 5.1% to €30.8 billion, driven by strong performances in Africa, Türkiye, and the UK.
However, results were slightly dampened by a 5% decline in Germany, the company’s largest market, where regulatory issues and strong market competition impacted performance. A €4.5 billion impairment charge in Germany and Romania pushed Vodafone to an operating loss of €0.4 billion for the year.
In the UK, however, Vodafone saw service revenue grow 4.5%, supported by continued investment in customer experience and broadband rollout.
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