Meanwhile, property giant Land Securities said that it has benefited from the reopening of the economy, with store sales in its shopping centres climbing back to within 3 percent of pre-pandemic levels.
Telecoms giant Vodafone said that revenues for the first half were up by more than £1billion or five percent to £22.5billion, thanks to sales of mobile phone handsets bouncing back after lockdown. It also benefited from good services revenue growth from its European and African arms.
As a result, it upgraded its forecast for full-year cash flow or how much money is coming into the business. It will be at least £4.5billion – £879.8million higher than previously thought.
However, its interim pre-tax profits were down 33.8 percent due to higher costs and administrative expenses, as well as the fact that last year’s profits were boosted by the £880million it got from the sale of its Australian arm.
Nick Read, chief executive, said: “The results show we have demonstrated good sustainable growth and solid commercial momentum.”
Guinness and Johnnie Walker owner Diageo said that it now expects to post double digit net sales growth at its halfyear results in January, thanks to consumers switching to higher end brands. They grew by 16 percent last year but Diageo expects to beat that in its 2021/22 financial year.
Land Securities, the owner of shopping centres like One New Change in London, Westgate in Oxford and the White Rose and Trinity malls in Leeds, said that apart from shoppers coming back to its destinations, the office market is recovering in terms of both investment and activity.
It owns several office blocks in London, such as the Zig Zag building inVictoria.
Land Securities made a half-year profit of £275 million, versus a loss of £835million last year.