Vodafone is always looked at in comparison to BT. BT has a global business which makes up 16 per cent of its revenue but the rest of its sales comes from the UK. BT’s fate is tied to that of the UK economy.
After a tumultuous few weeks, Vodafone and its chief executive have been granted some relief. The state-controlled investment group, whose chief executive spent 17 years in senior positions at Vodafone, voiced unreserved support for the company’s management and strategy. The surprise arrival of the UAE group, formerly known as Etisalat and now rebranded e&, to pole position on Vodafone’s shareholder list, “gives management a bit of breathing space”, said a top-20 investor in the London-headquartered company.
The mobile operator said the current macroeconomic climate presents 'specific challenges' that could impact its financial performance.