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.