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Technology Stocks : Vodafone (VOD)

VOD 12.37

+1.9%

10:19 AM EST

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To: MrGreenJeans who wrote (4)	6/2/1998 5:50:00 PM
From: MrGreenJeans	of 109

Vodafone Part II Vodafone rings up robust profits LONDON, June 2 (Reuters) - Vodafone Group Plc, Britain's biggest mobile telephone company, unveiled a 21 percent rise in annual pre-tax profits on Tuesday on the back of a healthy rise in domestic and international customers. ''Demand for mobile telephony is expected to continue to increase and the group's strong financial base will enable further progress to be made in 1997/98,'' chairman Ernest Harrison said in the results statement. Vodafone, whose shares hit a year high of 714p earlier in anticipation of strong results, posted pre-tax profits of 650.2 million pounds ($1.1 billion) compared with 539.1 million last year. Sales rose 41 percent to 2.47 billion pounds and Vodafone lifted dividends by 15 percent to 5.53 per share. The figures came in the middle of analysts' expectations of pre-tax profits of 611-681 million pounds and rise in dividends to 5.5p. Vodafone has stakes in 11 overseas licences and a worldwide proportionate customer base of 5.84 million, up 1.83 million on the year. It holds 38 percent of the UK mobile telephone market with 3.4 million customers, including 2.6 digital customers. Its international portfolio contributed 122.4 million pounds to group operating profit, up from 18.0 million the year before. Vodafone's rapidly maturing overseas operations are expected to make an increasingly strong contribution to earnings growth. Some analysts forecast international earnings margins to rise to around 20 percent from a current 9.3 percent over the next year alone. ($ equals 0.610 British Pounds)

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