Salem Radio Network News Wednesday, July 28, 2021

Science

Vantage Towers Q1 revenue in line, confirms guidance

BERLIN (Reuters) – Vantage Towers, the telecoms towers business spun off and floated by Britain’s Vodafone, on Thursday reported growth in first-quarter revenue that was in line with expectations and confirmed its outlook.

Revenue in the fiscal first quarter was up 2.1% to 246 million euros ($290 million), exactly matching the median forecast from analysts tracked by data provider Refinitiv. The company gave no profit figure.

Vantage reaffirmed guidance that revenue would reach 995 million to 1.01 billion euros in its fiscal year to March 2022, with margins stable and free cash flow of 390-400 million euros.

Shares in Vantage Towers have risen by 25% since its initial public offering in March – Germany’s largest stock market listing since 2018 – putting a value on the business of $17.8 billion.

($1 = 0.8480 euros)

(Reporting by Douglas Busvine; Editing by Riham Alousaa)

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