Vodafone share price up on FTSE 100 after return to organic growth

Shares in Vodafone were up in morning trading on the FTSE 100 after the group said it had returned to organic revenue growth in the quarter ended 30 June.

The group said that service revenue saw organic growth of 1.1 per cent. In the United Kingdom revenue grew by 0.7 per cent, while in Germany revenue rose by 0.2 per cent.

Revenue was significantly up however in emerging markets with Indian revenue up 13.7 per cent and Turkish revenue up 23.7 per cent.

Vodafone said that its data revenue was up 25.4 per cent to £1.2 billion.

Vittorio Colao, Chief Executive of Vodafone, said, "These are the first quarterly results to show service revenue growth since the global recession impacted. We have achieved these results through our continuing commercial approach in key European markets, focusing especially on data, and from strong growth in emerging markets, with India now cash positive at an operating level and our highest ever quarterly revenue in Turkey. The financial outlook for the current year is confirmed."

By 09:07 shares in Vodafone were up 1.88 per cent on the FTSE 100 to 151.85 pence per share.