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Vodafone's full year results were boosted by currency changes and by the growing importance of its emerging markets activities, though writedowns in Turkey and Spain hit the final profit figure hard. The UK-based company remains the world's largest cellco by revenues, if not subscribers, so is a major bellwether for the industry. However, many of the factors in its full year were very specific to the operator, including the weaker pound. It reported a 15.6% rise in revenues to reach £41.02bn ($62.47bn), although profits dropped to £3.08bn ($4.7bn) from £6.76bn a year earlier, largely due to a writedown on the value of Vodafone's Spanish and Turkish networks. Excluding these charges (£3.4bn for Spain and £2.25bn for Turkey, plus another charge of £250m for Ghana), adjusted operating profit was up 16.7% to £11.8bn and group EBITDA was up 10% to £14.5bn.

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