DHAKA: Mobile phone giant Vodafone has said its underlying business is now growing for the first time since 2008, helped by a revival in Europe.

Full-year earnings for the group grew 2.7% to £11.6bn, and it increased its dividend payout to shareholders by 2%, reports the BBC.

Its European business grew for the first time in six years in the first three months of 2016.

European revenues rose to £6.3bn in the quarter, growing 0.5% on an underlying basis.

This helped Vodafone to report a 2.3% increase in underlying total sales to £40.97bn for the full financial year.

The company’s three-year £20bn Project Spring means its 4G infrastructure now covers 87% of its European business.

But its real growth is still coming from emerging markets where sales grew almost 7% through the whole year.

Vittorio Colao, Vodafone’s group chief executive, said, ‘This has been a year of strong execution for the group, returning to organic growth... for the first time since 2008’.

‘We achieved the first quarter of positive revenue growth in Europe since December 2010.’

BDST: 2032 HRS, MAY 17, 2016
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