Vodafone rings up £9.5bn profit

The Newbury-based firm also saw a strong performance in emerging markets such as South Africa and India as profits rose 9 per cent in the year to March 31.

However, the mobile phone giant expects a lower outcome next year due to tough trading in Spain and Italy and also the absence of its French associate SFR, which it sold in April. Guidance for profits at an underlying level in 2012 has been trimmed to a range of £11 billion to £11.8 billion.

That is below today’s operating profit figure, which rose 3.1 per cent to £11.8 billion, at the top end of the firm’s forecasts allowing for the cost of US partner Verizon Wireless’s iPhone launch.

That helped boost US revenues and with good performances in Africa, Middle East and Asia Pacific revenues overall rose by 3.2 per cent to £45.9 billion.