As chief executive of the beleaguered telecoms group Vodafone, Nick Read has a job on his hands trying to convince investors that he can provide a decent return on their equity.
The shares have fallen by a quarter since he was appointed three years ago and are still lower than they were at the start of this year. That’s even after they closed 4.8 per cent up yesterday on the back of earnings and cashflow guidance for this year.
Adjusted operating profits are now expected to be between €15.2 billion and €15.4 billion, from a previous range of €15.0 to €15.4 billion. But a track record of notching up growth in revenue and returns is what’s needed to gain investors’ confidence over the longer term.
