Vodafone Ireland narrowed its pretax loss to €4.8 million for the year to the end of March 2024, as turnover increased 2.8 per cent to reach €1 billion, new accounts for the company show.
The telecoms company’s loss improved 83 per cent from a figure of €28.4 million in the previous 12 months. It came as the company made a “significant investment” to upgrade its network and reinvest in the business, it said.
Vodafone’s investment in its 4G and 5G networks marked a phasing out of its 3G network during the accounting period. It went on to complete the switch off of 3G in November 2024.
The company said this ongoing strategic investment in infrastructure would be key to its long-term financial success and would generate significant earnings in future years, but also said it would “continue to remain cautious” as it was not immune to trends in the wider market.
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“Vodafone Ireland delivered a positive performance in the last financial year and continues to lead in consumer and business markets. Last year’s growth underlines the success of our efforts to deliver superior services and experiences to our customers,” said Vodafone Ireland chief executive, Amanda Nelson.
“We remain committed to investing in our network and customer service to ensure that we are meeting the evolving needs of our customers.”
Vodafone employed an average of 979 people in the period, up from 956 in the previous 12 months.
Its accounts, filed to the Companies Registration Office on Thursday, show the company had adjusted earnings after interest, tax, depreciation and amortisation of €164 million in the period, up from €149.9 million.
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It attributed its revenue growth to increased mobile and fixed-line revenues as well as growth in its customer base.
The company, which has more than 2.5 million customers, announced in August 2023 that it planned to invest a further €3 million in store upgrades as part of a strategy to refit all of its retail outlets by 2025.
Its cost of sales increased 3.2 per cent year-on-year, which was driven by an increase in costs associated with the provision of mobile and fixed broadband services. Operating costs rose 1.5 per cent.
In the directors’ report attached to the accounts, the company said the Irish telecoms market remained competitive and it expected this to continue. It anticipates further growth across core areas of the business driven by continued investment and expansion across its mobile and fixed broadband services.
Meanwhile, Siro, Vodafone’s joint venture with ESB, connected four hubs in 2023 and five in 2024. During 2024, Siro expanded to every county, which Vodafone said was a “significant milestone” in its roll-out of 100 per cent fibre broadband.
Since the end of the accounting period, Vodafone Ireland has signed a corporate purchasing power agreement with energy supplier Flogas Enterprises, to buy 19.5GWh of renewable electricity per annum directly from the Derrynadivva wind farm in Mayo.
Vodafone Ireland’s London-listed parent company Vodafone Group plc is led by chief executive Margherita Della Valle.
The telecoms industry in Europe has seen average revenues per user drop in the past decade amid the rise of services such as WhatsApp, while at the same time, it has invested in 5G networks and fibre networks to maintain subscribers.
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