Vodafone showed signs its fortunes are beginning to improve as it pushes ahead with plans to merge with Three UK.
The FTSE 100 telecoms giant, which recently sold its businesses in Italy, Hungary and Ghana, said it is growing across Europe and Africa.
It comes amid a cost-cutting drive that has also seen the company sell Vantage Towers. And Vodafone also received the final approval to sell its Spanish business for £4.3billion.
As a result, the company will today launch a £430million share buyback programme as part of plans to return £1.7billion over the next 12 months.
Group profits rose 2.2 per cent to £9.5billion in the year to the end of March while revenues rose 6.3 per cent to £26billion.
Good call: Vodafone, which recently sold its businesses in Italy, Hungary and Ghana, said it is growing across Europe and Africa
It also plans to halve its dividend in the year to March 2025.
Chief executive Margherita Della Valle said: ‘Much more still needs to be done in the year ahead. We are fundamentally transforming Vodafone for growth.’
Shares rose 4.7 per cent, or 3.3p, to 73.28p. Vodafone remained upbeat over its proposed merger with Three UK.
In June last year the pair agreed to combine their UK businesses.
Vodafone expects the £15billion merger, which is being looked at by the competition watchdog, to be completed towards the end of the year.
On the wider market, the FTSE 100 rose 0.2 per cent, or 13.14 points, to 8428.13 and the FTSE 250 added 0.3 per cent, or 58.18 points, to 20618.52.
‘Meme stock’ Gamestop extended its gains as excitement swirled over the potential comeback of Keith Gill, a financial analyst and investor, who was at the forefront of the buying spree over the pandemic.
Shares, which closed up nearly 75 per cent on Monday having more than doubled in value at one point, rose another 52 per cent yesterday.
Ingredients maker Treatt recorded its highest ever monthly revenue in March as it made progress in China.
The company said its second-quarter sales rose 5.1 per cent in the three months to the end of March. Shares gained 3.1 per cent, or 14.5p, to 487.5p.
The rise in remote working has ‘redirected’ leisure activities away from city centres in a boost for local pubs, according to Marston’s. #
The brewing business, which owns nearly 1,400 pubs, is cashing in on this trend as sales rose 5.2 per cent to £428.1million in the first half to March 30.
But Marston’s losses widened from £38.1million to £43.5million, sending shares down 0.9 per cent, or 0.3p, to 33.45p.
Online travel firm On the Beach is gearing up for its biggest summer ever but warned the package holiday market ‘remains more challenging’ as cost-of-living pressures continue to bite.
Shares tumbled 14.4 per cent, or 24.2p, to 143.4p.
Fishing retailer Angling Direct reeled in investors with a bumper update. Its UK sales climbed 9 per cent to a record £77.4m, helping group revenues rise 10.2 per cent to £81.7million.
Profits also more than doubled to £1.5million.
Angling Direct shares climbed 2.9 per cent, or 1p, to 35.7p.