Business

Vodafone raises the bar

MOBILE phone giant Vodafone has raised the bar for its annual earnings amid signs of stabilisation in some of its battered European markets. Growing demand for 4G services and the early benefits of its £19 billion Project Spring investment plan meant revenues were down 1.5 per cent in the three months to September 30, against a 4.2 per cent fall in the previous quarter. Chief executive Vittorio Colao pointed to underlying earnings of between £11.6bn and £11.9bn in the year to March 31. The bottom end of the range was previously £11.4bn but it's a long way short of last year's £12.8bn.