Vodafone Group CEO Margherita Della Valle (pictured) insisted work needs to be done to achieve wider transformation ambitions for the company, as she claimed it performed slightly ahead of expectations in fiscal 2024.

In a preliminary earnings statement for the year to 31 March, Della Valle revealed the company plans to “step-up investment in our customer performance, improve our underlying performance in Germany and accelerate our momentum in Business”, while simplifying operations through the group.

“We are fundamentally transforming Vodafone for growth,” she said.

In some financial highlights, group service revenue in 2024 increased 6.3 per cent to €29.9 billion, with Europe, Africa and its Business segment all performing well.

Vodafone stated service revenue in Germany reached €11.5 billion and Della Valle has consistently outlined the importance of the country for the group, while making moves to exit unprofitable European markets, which has seen the sale of its businesses in Spain and Italy.

Both units are now reported as discontinued operations, as it waits for regulators to clear respective sales to Zegona Communications and Swisscom.

Revenue in Q4 reached €9.4 billion, up slightly from €9.1 billion. For the year, overall revenue for the year declined 2.5 per cent to €37.7 billion, due to the disposals of Vantage Towers, Vodafone Hungary and Vodafone Ghana in the prior financial year and adverse exchange rate movements.

Its core earnings for the full year increased 2.2 per cent to more than €11 billion, helped by gains in the final quarter from its Germany and UK operations. It did not break out net profit figures.

Net debt remained stable at €33.2 billion.