Vodafone Reports Strong Financial Results and Appoints New CFO Ahead of Three Merger

Vodafone, gearing up for its impending merger with Three, has unveiled robust financial results and named a new Chief Financial Officer (CFO).

The company’s financial performance demonstrated revenue growth of 3.7% for the year, which rose to 1.8% when excluding Turkey from the calculations. In the fourth quarter, growth reached 1.9% or 0.5%, respectively.

Across foreign markets, Vodafone recorded broad-based service revenue improvements in nearly all European markets. Notably, Germany saw significant service revenue growth (-1.3% for the year or -2.8% for the quarter), mainly due to the positive impact of broadband price increases.

Vodafone Business experienced accelerated service revenue growth of 4.5% for the year, with digital services delivering a strong performance in the fourth quarter (2.9%).

Simultaneously, Vodafone announced the appointment of Luka Mucic as the new CFO, commencing his role on September 1, 2023. Margherita Della Valle, soon-to-be ex-CEO, expressed enthusiasm about Mucic’s appointment, citing his impressive international leadership experience, corporate repositioning acumen, and value creation expertise. She emphasized that Mucic’s arrival comes at a pivotal time as Vodafone embarks on a transformative journey.

Luka Mucic brings with him a wealth of experience, having previously served as CEO of SAP SE from 2014 to 2017 and as the company’s CFO until March 31, 2023. He also holds a position on the Supervisory Board of Heidelberg Materials AG and served as a non-executive director of the Board of Qualtrics International.

Among Mucic’s key responsibilities will be guiding Vodafone through its transformational phase. Recently, the company disclosed its plans to streamline operations and become a more agile business by cutting 11,000 jobs.

As Vodafone strengthens its financial footing and finalizes its leadership team, the company is poised to embark on a new chapter of growth and innovation, leading up to its highly anticipated merger with Three.