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Vantage Towers annual revenue, profit in line with guidance

Vantage Towers is Vodafone's infrastructure unit
Vantage Towers is Vodafone's infrastructure unit

Vantage Towers, Vodafone's infrastructure unit, has today reported modest growth in underlying revenue that came in just shy of expectations in its first full-year results since floating on the Frankfurt stock exchange.

Revenue grew by 2.2% to €966m on a proforma basis in the fiscal year to March 31.

This was slightly short of median forecasts among analysts of €971m compiled by Refinitiv.

Core profit, measured as EBITDA after leases, rose by 2.1% to €524m, Vantage said.

"We have fully delivered on our FY21 operation and financial targets and we remain focused on commercialising our business and delivering our medium-term targets," chief executive Vivek Badrinath said of the results.

Vodafone span out Vantage last year and the towers unit completed Germany's largest public listing since 2018 in March, achieving a valuation of €12.1 billion.

Shares ended last week 13% above their IPO price of €24, reflecting a view among analysts that Vantage - which runs 82,000 sites in 10 European countries - stands to profit from long-term growth in mobile data use.

The proforma figures presented Vantage's results as if the company had been operating since April 1 of last year, the company said.

Vantage Towers set revenue guidance of €995m to €1.01 billion for fiscal 2022.

Profit margins are seen broadly stable and free cash flow at €390-400m, up from the 2021 outturn of €384m.