- Vodafone Group said chief executive Vittorio Colao would be replaced in October by current chief financial officer Nick Read, as the company also swung to an annual profit.

Net profit for the year through March amounted to €2.79bn, compared to a loss a year earlier of €6.08bn that included a large tax expense.

Operating profit rose 15.4% to €4.3bn, as revenue fell 2.2% to €46.6bn, mostly due to the deconsolidation of Vodafone Netherlands and FX movements.

Colao has been CEO since July, 2008. Deputy CFO Margherita Della Valle would become CFO when Read stepped into the top job.

'On behalf of the board, I would like to express our gratitude to Vittorio for an outstanding tenure,' chairman Gerard Kleisterlee said.

Read, meanwhile, had been a co-architect of the company's strategy with Colao, he added. 'I am confident Vodafone will benefit greatly from his experience, insight and wisdom in his new role as group CEO,' Kleisterlee said.

Vodafone declared a final dividend of 10.23 euro cents per share, up 2.0%, giving total dividends per share for the year of 15.07 euro cents.

It guided for 2019 financial year organic adjusted Ebitda growth of 1-5% and FCF pre-spectrum of at least €5.2bn.

In the 2018 financial year, organic adjusted Ebitda grew by 11.8%. Story provided by