StockMarketWire.com - Vodafone Group reiterated its annual earnings guidance despite its revenue slipping in the third quarter.

Revenue for the three months through December fell 6.8% to €11.0bn, owing to the adoption of new accounting standards, the sale of assets in Qatar and foreign exchange headwinds.

Vodafone reiterated its annual guidance of underlying organic adjusted Ebitda growth of around 3%, with free cash flow, pre-spectrum, of around €5.4bn.

Third-quarter organic service revenue growth, excluding UK handset financing, was 0.1%. On an IFRS15 basis, growth was 0.4%.

'We have executed at pace this quarter and have improved the consistency of our commercial performance,' chief executive Nick Read said.

'Lower mobile contract churn across our markets and improved customer trends in Italy and Spain are encouraging, however these have not yet translated into our financial results, with a similar revenue trend in Europe to the second quarter.'

'We enjoyed good growth across our emerging markets with the exception of South Africa, which was impacted by our pricing transformation initiatives and a challenging macroeconomic environment.'

'Overall, this performance underpins our confidence in our full year guidance.'

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