Telecomms giant Vodafone, whose global HQ is in Newbury, has issued half-year financials which show total revenue fell by 4.3% to €21.9bn, with adverse foreign exchange rate movements and the disposal of Vantage Towers, Vodafone Hungary and Vodafone Ghana in the prior financial year cited as key factors.

Operating profit decreased by 44.2%, to €1.7bn, and the Group made a loss for the period of €0.2bn, with adverse foreign exchange rate movements coming into play, as well as a lower share of results of equity accounted associates and joint ventures in the current year.

Total revenue declined by 0.4% to €3.4bn, as service revenue growth was largely offset by a decline in equipment revenue and the depreciation of the pound sterling against the euro.

In June, Vodafone announced a binding agreement to combine its UK business with Three UK "to create a sustainable, and competitive third scaled network operator in the UK".

A spokesman said: "Following the merger, which we expect to close before the end of calendar 2024, Vodafone will own 51% of the combined business and CK Hutchison 49%. This combination will provide customers with greater choice and more value, drive greater competition, and enable increased investment with a clear £11bn plan to create one of Europe's most advanced standalone 5G networks."

Margherita Della Valle, Group Chief Executive, added: "During the first half of the year, we have delivered improved revenue growth in nearly all of our markets and have returned to growth in Germany in the second quarter.

"Vodafone's transformation is progressing. Our focus on customers and simplifying our business is beginning to bear fruit, although much more needs to be done. We have also announced transactions to strengthen our position in the UK and exit the challenging Spanish market in order to right-size our portfolio for growth."