Vodafone has announced its financial results for the year ended 31 March 2008. The telecoms company revealed net profit for the 12 months to March 2008 was £6.66 billion, compared with a net loss of £4.93 billion the same time a year ago.

In Europe the company saw a 2% revenue growth, with outgoing usage up 20.1% and data revenue up 35.7%. Yearly sales increased over 14% to £35.5 billion, a rise attributed to increased data usage and strong growth in emerging markets.

Vodafone now predicts 2009 revenue to be between £39 billion and £40 billion.

"Our strategy is continuing to deliver strong results and is reinforcing our leadership position in the communications industry", said Arun Sarin, Voadafone's chief executive, who has announced he is to step down in July, handing the leadership of the group to his deputy, Vittorio Colao.

"We have increased our customer franchise to 260 million, up 26%. Adjusted earnings per share grew 11% and we met or exceeded guidance on every measure. Free cash flow of £5.5 billion underpins our 11% increase in dividends per share. We are driving our strategy across our diverse portfolio in order to continue to generate consistent, strong cash flow and superior returns for our shareholders."

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