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November 25, 1991

VODAFONE REPORTS RESPECTABLE INTERIMS, LOOKS TO GSM SERVICE FOR FUTURE GROWTH

By CBR Staff Writer

Vodafone Group Plc has reported pre-tax profits up 15% at UKP140m, on turnover that rose 9% to UKP305m. Vodafone chief executive Gerry Whent says the recession slowed growth in the first half year, but that the end of the recession is in sight and growth will improve accordingly. He adds that this is not likely to have a significant impact on the second half year results. Capital expenditure will be in the order of UKP80m this year that includes more than UKP20m on the Groupe Speciale Mobile pan-European service, scheduled to open on December 2. Future plans include the 1993 unveiling of Vodafone’s Micro Cellular Network, which will be cheaper and accessible only in towns, but will operate within GSM and provide the opportunity for subscribers to upgrade to the full pan-European service. Whent plans to expand further in the Pacific rim area, following the November acquisition of a 30% interest in Pacific Link, a Hong Kong analogue cellular telephone operator with 42,000 subscribers, that cost Vodafone a consideration of $75m. Vodafone itself has around 700,000 subscribers.

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