UK-based Vodafone Group has attributed the weak economicnclimate in Southern Europe, the tough European regulatory environmentnand increased competition in its core businesses as the primaryndrains on profits for the financial year ended March 31 2013. Thencompany was buoyed by increased data consumption across most markets. And with one-off costs – including a significant GBP7.7bnnwrite-down on the value of Italian and Spanish operations – out ofnthe way, the company expects profitability to improve in FY2013/14.nHowever, the company is clearly under pressure to grow its businessnand, while increased exposure to the enterprise market will help,nBMI believes it needs to divest underperforming units or bolster itsnfootprint through selective acquisitions.
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