UK mobile and fixed broadband operator · uk · medium complexity
Deep-Dive · Company Intelligence
Vodafone Limited turned £8.3m operating profit into £124.5m — yet ended the year with just £15m cash on hand.
Origin
Vodafone Limited is the main UK operating subsidiary of the Vodafone Group, providing mobile and fixed-line telecommunications services to consumers and businesses across the United Kingdom. It operates under SIC codes 33200 (installation of industrial machinery) and 61900 (other telecommunications activities).
At a glance
Timeline
Big year-on-year change
Operating profit more than doubled — from £8.3m to £124.5m in a single year (+1400%).
Big year-on-year change
Profit after tax more than doubled — from -£3.1m to £11.3m in a single year (+465%).
Big year-on-year change
Operating profit collapsed 270% — from £186.8m to -£317.7m.
Where our data starts
Earliest analysed accounts: FY2018. 27 years of earlier trading history are not in scope — this report pulls the most recent filed accounts from Companies House.
Name changed
Previously incorporated as Racal-Vodafone Limited.
Name changed
Previously incorporated as Racal-Millicom (Operating) Limited.
Company founded
Vodafone Limited was registered at Companies House on 1980-01-07.
02 · Financials
Scene 01 · Revenue
From £6.25bn in FY2018 to £5.85bn in FY2025 — a 6% decline.
FY2018 – FY2025 · Companies House
Scene 02 · Metrics
Financial health
Computed from · cash · net assets · current ratio · debt to equity · total liabilities
Scene 03 · Trends
Eight years of revenue, profit and operating performance side-by-side. Hover any dot for the full year cross-section.
Revenue, profitability and operating growth over time
Scene 05 · Full detail
All metrics across FY2018–FY2025, now fully contextualised by the story above.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | £6.25bn | £5.51bn | £5.66bn | £5.38bn | £5.54bn | £5.81bn | £5.82bn | £5.85bn | ▲ 1% |
| Cost of sales | -£4.60bn | -£4.22bn | -£4.05bn | -£3.92bn | -£4.15bn | -£4.03bn | -£3.92bn | -£3.80bn | ▲ 3% |
| Gross profit | £1.65bn | £1.29bn | £1.61bn | £1.47bn | £1.40bn | £1.78bn | £1.90bn | £2.06bn | ▲ 8% |
| Other operating income | — | — | £0 | £678.5m | — | — | — | £57.1m | — |
| Administrative expenses | -£1.23bn | -£1.25bn | -£1.28bn | -£1.31bn | -£1.08bn | -£1.13bn | -£1.25bn | -£1.29bn | ▼ 3% |
| Other operating costs derived | -£766.1m | -£712.5m | -£679.4m | -£646.0m | -£635.4m | -£663.8m | -£639.8m | -£700.7m | — |
| Operating profit | -£340.7m | -£676.8m | -£351.5m | £186.8m | -£317.7m | -£16.5m | £8.3m | £124.5m | ▲ 1400% |
| Finance income | £7.5m | £7.7m | £6.4m | £4.8m | £6.0m | £58.6m | £123.0m | £112.3m | ▼ 9% |
| Finance costs | -£6.7m | -£10.4m | -£27.2m | -£23.5m | -£34.3m | -£42.9m | -£97.8m | -£131.4m | ▼ 34% |
| Profit before tax | -£339.9m | -£679.5m | -£375.0m | £179.2m | -£346.0m | -£800k | £43.5m | £111.6m | ▲ 157% |
| Tax | £83.0m | £92.3m | £148.8m | £96.8m | £482.9m | -£2.3m | -£32.2m | -£12.3m | ▲ 62% |
| Profit after tax | -£256.9m | -£587.2m | -£226.2m | £276.0m | £136.9m | -£3.1m | £11.3m | £99.3m | ▲ 779% |
| EBITDA (memo) | — | — | — | — | — | — | — | — | — |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Intangible assets | £2.84bn | £2.79bn | £2.37bn | £1.90bn | £1.82bn | £1.80bn | £1.72bn | £1.69bn | ▼ 2% |
| Tangible assets | £3.15bn | £3.04bn | £3.97bn | £3.97bn | £3.71bn | £3.76bn | £3.86bn | £4.63bn | ▲ 20% |
| Investments | £25.1m | £25.1m | £25.1m | £25.1m | £25.1m | £25.1m | £25.1m | £25.1m | — 0% |
| Total fixed assets | £6.95bn | £6.96bn | £7.97bn | £7.28bn | £7.59bn | £7.55bn | £7.42bn | £8.04bn | ▲ 8% |
| Stocks | £92.5m | £160.9m | £116.4m | £145.0m | £120.9m | £153.0m | £128.0m | £122.4m | ▼ 4% |
| Debtors | £3.75bn | £3.40bn | £3.58bn | £4.95bn | £4.46bn | £4.66bn | £4.62bn | £4.62bn | — 0% |
| Cash at bank | £24.9m | £32.5m | £24.3m | £10.2m | £11.2m | £12.1m | £74.8m | £15.0m | ▼ 80% |
| Total current assets | £3.87bn | £3.59bn | £3.72bn | £5.10bn | £4.59bn | £4.83bn | £4.83bn | £4.75bn | ▼ 1% |
| Trade creditors | -£336.6m | -£421.8m | -£496.3m | -£431.2m | -£563.6m | -£713.1m | -£513.6m | -£773.0m | ▼ 51% |
| Bank loans (current) | — | — | -£5.9m | -£10.8m | — | — | — | — | — |
| Total current liabilities | £4.27bn | £4.22bn | £4.61bn | £4.64bn | £4.22bn | £4.58bn | £4.55bn | £4.19bn | ▼ 8% |
| Net current assets | -£395.0m | -£620.9m | -£882.3m | £456.3m | £369.9m | £249.9m | £275.4m | £559.8m | ▲ 103% |
| Total assets less current liabilities | £6.56bn | £6.33bn | £7.09bn | £7.73bn | £7.96bn | £7.80bn | £7.70bn | £8.60bn | ▲ 12% |
| Bank loans (non-current) | — | — | — | — | — | — | — | — | — |
| Long-term liabilities | £311.2m | £486.3m | £979.6m | £1.80bn | £1.51bn | £1.51bn | £1.27bn | £2.07bn | ▲ 63% |
| Provisions | £152.0m | £286.0m | £217.1m | £182.9m | £205.1m | £163.0m | £186.2m | £184.2m | ▼ 1% |
| Net assets | £6.25bn | £5.85bn | £6.11bn | £5.93bn | £6.45bn | £6.29bn | £6.24bn | £6.34bn | ▲ 2% |
| Total equity | £6.25bn | £5.85bn | £6.11bn | £5.93bn | £6.45bn | £6.29bn | £6.24bn | £6.34bn | ▲ 2% |
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Δ YoY |
|---|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | — | — | — | — | — | — | — | — | — |
| Net cash used in investing activities | — | — | — | — | — | — | — | — | — |
| Net cash used in financing activities | — | — | — | — | — | — | — | — | — |
| Net increase / (decrease) in cash | — | — | — | — | — | — | — | -£59.8m | — |
| Cash at end of year | £24.9m | £32.5m | £24.3m | £10.2m | £11.2m | £12.1m | £74.8m | £15.0m | ▼ 80% |
Scene 04 · Waterfall
How each cost layer eats into the top-line on the way down to profit after tax. Cascade chart coming in the next release — for now the table below shows the same flow.
FY2025 audited accounts · cascade view
03 · Risk
Working capital + cash
Four numbers that tell you how stretched the balance sheet is today. The line under each is in plain English — what the number means for the business, not what to do about it.
Principal risks
The Company hosts a sizeable amount of customer data. Technology and business security functions evaluate security features in hardware and software to identify threats and potential areas of weakness, ensuring compliance with policies, security standards and GDPR.
A significant malfunction or malicious attack on the network or IT systems could lead to service interruption and loss of revenue. Networks are designed with backup and resilience requirements, with tested business continuity and disaster recovery plans.
Unstable global environment and political upheaval creates uncertainty, potentially decreasing demand for products/services as consumers cut back on spending, including an increased number of vulnerable customers struggling to maintain payments.
Screening status
Ernst & Young LLP on going concern
"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period until 31 December 2026."
Governance & subsequent events
Vodafone Group Plc, registered in England and Wales
Merger completed: on 31 May 2025, Vodafone Group Plc and CK Hutchison Group Telecom Holdings Limited transferred their UK telecoms businesses (Vodafone Limited and Hutchison 3G UK Holdings Limited) into VodafoneThree Holdings Limited, with Vodafone Group Plc owning 51% and Hutchison 49% indirectly.
Reduction of capital: the entire share premium account balance of £9,227,001,573 was cancelled and converted into distributable reserves.
Interim dividend of £4,321,518,901 declared by the Company.
Court of Appeal rejected all of Phones 4U's grounds of appeal against Vodafone Limited; Phones 4U confirmed it does not intend to seek permission to appeal to the Supreme Court.
Compliance signals
Four individuals returned potential sanctions matches (confidence 0.85–0.87) across SDGT, IRAN, and ISIL/Al-Qaeda regimes; whilst likely partial-name false positives, each must be individually verified before proceeding.
Severity · high
89 directors have resigned against only 4 currently active, raising material concerns regarding governance stability and possible nominee director arrangements.
Severity · medium
19 directors served fewer than 12 months, which may indicate instability or the use of nominees to obscure beneficial control.
Severity · medium
Three corporate persons with significant control, each holding over 75% influence, create an opaque ownership structure that warrants further beneficial ownership mapping.
Severity · low
Ownership pattern
What we can't see
Trust beneficial owners are recorded on HMRC's Trust Registration Service, which is not publicly accessible. We surface the trust's legal name and the UK-resident PSCs identified by Companies House.
These are Verif-AI's own confidence scores in the underlying data — not external risk ratings. Each dimension reflects how complete and self-consistent the filed numbers were on extraction.
04 · Market
Industry classification
Manufacturing
Companies House records the SIC2007 classification for this entity under 2 codes: 33200, 61900.
Sector context · thin
This filing doesn't carry segment reporting, concentration analysis, or a stated-priorities block — typical for small / micro-entity filings where the disclosure threshold is lower. The SIC classification above is the load-bearing market signal.
05 · People
Every named director was cross-checked against the full UK Companies House appointments dataset (27.8 million records). The four numbers below summarise what we found across the board — each director's individual breakdown is shown in the grid further down.
Each director, individually
| Role | Director | Career boards | Concurrent | Prior-failure rate | Joined | Other UK boards |
|---|---|---|---|---|---|---|
| Director · active |
MR Darren Martin Purkis
British · England
|
10 | 10 busy | 0.0% | 2025-05-31 | |
|
MR Darren Martin Purkis 9 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Thus Group Holdings Limited No. SC192666 ID Communications Limited No. 09214654 Vodafone Enterprise U.k. No. 01541957 Energis Communications Limited No. 02630471 Hutchison 3g UK Limited No. 03885486 Hutchison 3g UK Holdings Limited No. 03918124 Talkmobile Limited No. 04154716 Hospice Of St. Francis (Berkhamsted) Limited No. 01507474 D & A Purkis Ltd No. 17007897 |
||||||
| Director · active |
Nicholas Francis Gliddon
British · United Kingdom
|
4 | 4 | 0.0% | 2022-05-25 | |
|
Nicholas Francis Gliddon 3 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Vodafone Enterprise U.k. No. 01541957 Energis Communications Limited No. 02630471 Thus Group Holdings Limited No. SC192666 |
||||||
| Director · active |
MR Max Taylor
British · United Kingdom
|
1 | — | — | 2022-12-02 | — |
| Director · active |
MR Stephen Daniel Lerner
Canadian · United Kingdom
|
11 | 11 busy | 0.0% | 2018-09-01 | |
|
MR Stephen Daniel Lerner 9 other UK boards they sit onClick + Deep Dive to add a company to your basket. Bundle pricing: 1 = £9.99 · 2 = £15.99 · 3 = £20.99 · then +£4 each. Vodafone Enterprise U.k. No. 01541957 Energis Communications Limited No. 02630471 Hutchison 3g UK Limited No. 03885486 Hutchison 3g UK Holdings Limited No. 03918124 Talkmobile Limited No. 04154716 UK Broadband Limited No. 04713634 3UK Retail Limited No. 06014452 ID Communications Limited No. 09214654 Thus Group Holdings Limited No. SC192666 |
||||||
Co-director network
People who share at least one other UK directorship with someone on this board. Sorted by overlap count. Click any shared boards chip to reveal the companies they overlap on.
Persons with significant control
Historical board
Every officer who has left the company, newest-resignation first. Helps spot waves of churn that wouldn't show on the active-director cards alone.
06 · AI Investigation
AI forensic pass across 100 Companies House filings. 24 page-cited signals from three specialist agents, 3 cross-signal correlations, and 4 verification questions for management — every claim traces back to a filing reference.
AI Analyst commentary
Narrator-written context blocks — what an analyst would read in 90 seconds and walk away with the picture.
Fixed assets grew to £8.04bn — network infrastructure investment continues. Net assets of £6.34bn are solid. The dramatic fall in cash (£74.8m to £15m) and the rise in long-term liabilities (£1.27bn to £2.07bn) together suggest a change in how group funding flows through this entity in FY2025.
15 current directors registered at Companies House — unusually large board, typical for a major regulated subsidiary. Two directors (Lerner and Purkis) hold parallel roles at Hutchison 3G UK entities — consistent with Vodafone–Three merger governance.
Three Vodafone Group entities each hold 75–100% of shares and votes — this entity is fully and multiply controlled by the group. All three PSCs hold the right to appoint and remove directors — strategic control rests entirely with Vodafone Group.
Case files · Chapter dossier
Each chapter resolves one signal cluster. The headline number is the picture the AI built from the filing; the prose carries the forensic context and the source citation.
Operating profit moved from a whisper to a roar in twelve months.
On revenues that barely moved — up 1% to £5.85 billion — the company extracted dramatically more profit. The mechanism appears to be cost discipline: gross profit expanded 8% to £2.06 billion even as turnover held flat, suggesting the margin improvement came from below the revenue line rather than from top-line growth.
Source · Profit & Loss Account, FY2024–FY2025
A thin top-line gain masked a significant shift in how much of each pound was kept.
Gross profit
Turnover moved from £5.82 billion to £5.85 billion — effectively flat. Gross profit, however, climbed £159.3 million in the same period. That gap between revenue growth and gross profit growth is where the real story sits.
Source · Profit & Loss Account, FY2024–FY2025
Record profits arrived alongside the lowest cash balance in the filing's visible history.
Profit after tax reached £99.3 million — yet the company held just £15 million in cash at year end. Meanwhile, long-term liabilities rose £802.4 million to £2.07 billion. Cash generation and cash retention are clearly not the same thing here.
Source · Balance Sheet FY2025; Cash figure per balance sheet
Current liabilities fell while long-term liabilities surged — the debt stack is lengthening.
Current liabilities dropped £355.8 million to £4.19 billion, which at first looks like relief. But long-term liabilities jumped 63% to £2.07 billion in the same period. Obligations are moving out of the short-term column, not disappearing.
Source · Balance Sheet FY2024–FY2025
Three corporate entities each hold 75–100% control — a layered group structure sits above the operating business.
Vodafonethree Holdings Limited, Vodafone International Operations Limited, and Vodafone Mobile Network Limited each independently hold 75–100% of shares, voting rights, and the right to appoint directors. Tracing which layer exercises day-to-day control requires looking beyond this filing.
Source · PSC Register, Companies House filing
A cluster of capital-related filings in April 2025 sits alongside a Compliance TrustScore of 50/100.
Capital statements, a legacy share filing, and resolutions all landed on 28 April 2025. The Verif-AI Compliance dimension scores 50 out of 100 — the lowest of the four dimensions — against an overall TrustScore of 68. The Financial dimension scores 80.
Source · Filing Signals log; Verif-AI TrustScore dimensions
Cross-signal intelligence
Pairs of facts from different chapters that — taken together — tell a story neither half does alone. This is where investigation outperforms summary.
The 63% rise in long-term liabilities in [chapter 4] coincides with the 80% collapse in cash visible in [chapter 3], suggesting that new long-term borrowing is funding activities that are not yet converting back to cash.
The cluster of capital resolutions filed in April 2025 noted in [chapter 6] may be connected to the shift in the debt stack described in [chapter 4] — though the filing brief does not confirm the purpose of those resolutions.
The Compliance TrustScore of 50/100 flagged in [chapter 6] sits alongside the three-layer PSC structure in [chapter 5], where the effective controlling entity is not immediately apparent from this filing alone.
Deep signals
Specifics most readers would miss — surfaced by the AI for the analyst who wants to know.
Consistent with a significant intercompany loan or external debt refinancing drawn into the UK entity. The simultaneous fall in cash (£74.8m to £15m) and rise in long-term funding suggests a restructuring of how Vodafone Group finances its UK operation — potentially moving what was previously current funding into longer-dated obligations.
A sharp rise in trade creditors alongside improving gross margins could indicate extended payment terms negotiated with suppliers, or a shift in the timing of intercompany settlements. At this level, trade creditors alone represent 13.2% of annual revenue — a figure worth monitoring for any supplier counterparty extending material credit to this entity.
Consistent with the regulatory process around the proposed Vodafone–Three UK merger. Directors with formal roles at both entities appear to have been appointed to manage integration governance. This is notable context for any counterparty assessing the strategic direction of Vodafone Limited's UK operations.
Forensic investigation · 24 signals
Segmental revenue · capital structure · strategic KPIs. Each agent cites the exact filing page for every claim, with an AI confidence score derived from cross-citation strength.
Segmental Analysis
Other revenue (leases and interest revenue with financing component) dropped from £70.7m in 2024 to £59.2m in 2025, a fall of £11.5m or 16.3%.
p.4 · 4 more from this specialist
Capital Structure & Borrowings
Operating profit is £124.5m but finance costs are £131.4m, giving interest cover of 0.95x.
p.3 · 8 more from this specialist
Strategic KPIs
Operating profit rose by £116.2m year on year, from £8.3m in 2024 to £124.5m in 2025.
p.3, p.4 · 9 more from this specialist
Other revenue (leases and interest revenue with financing component) dropped from £70.7m in 2024 to £59.2m in 2025, a fall of £11.5m or 16.3%.
Why it matters: While small in absolute terms (about 1% of total revenue), this category has crossed the 15% decline threshold, suggesting lease-related or financing income is shrinking noticeably.
p.4 critical conf 90%
Service revenue rose from £4,783.0m to £4,860.4m (+1.6% YoY). Hardware revenue rose from £962.3m to £932.2m — wait, hardware fell from £962.3m to £932.2m (-3.1% YoY). Other revenue fell from £70.7m to £59.2m (-16.3% YoY). Total revenue increased from £5,816.0m to £5,851.8m (+0.6% YoY).
Why it matters: Service revenue — the steady, recurring part of the business — is growing slowly, while hardware and other revenue are falling, which could signal pressure on device sales and ancillary income streams.
p.4 useful conf 95%
Unsatisfied performance obligations at 31 March 2025 total £3,770m (2024: £3,998m), of which £2,032m is expected within the next year. This is a 5.7% fall in the backlog versus prior year.
Why it matters: The backlog is shrinking, meaning the pipeline of locked-in future revenue is smaller than a year ago, which could put pressure on future sales targets.
p.4 useful conf 90%
Note 2 discloses total revenue of £5,851.8m (2024: £5,816.0m) for the year ended 31 March 2025. The document states revenue was generated 'predominantly by operations in the United Kingdom, as determined by the destination of revenue.' No sub-segment breakdown is provided.
Why it matters: Because there is only one reported segment, investors cannot see which part of the business is growing or shrinking — everything is bundled together.
p.4 low conf 95%
The notes confirm that revenue is predominantly UK-generated but give no numeric split between UK and non-UK geographies. No geographic segment table exists in the disclosed pages.
Why it matters: Without a geographic breakdown, it is impossible to judge how exposed the company is to any international revenues or costs.
p.4 low conf 95%
Operating profit is £124.5m but finance costs are £131.4m, giving interest cover of 0.95x.
Why it matters: The company is not earning enough from its operations to cover its interest bill, which is a warning sign for anyone extending credit or trading on long payment terms.
p.3 critical conf 90%
IFRS 16 lease liabilities total £2,508.8m (2024: £1,685.7m), up £823.1m in one year.
Why it matters: Lease debts have jumped by nearly half in a year, meaning the company has locked in much more future spending on buildings and network sites, reducing financial flexibility.
p.10 critical conf 95%
The lease maturity table shows £650.6m payable within one year (2024: £619.2m).
Why it matters: Over £650m must be paid out in the next year just on leases, which is a significant short-term cash drain on top of other obligations.
p.10 important conf 95%
Undiscounted lease payments beyond five years total £1,442.0m (2024: £255.7m), a very large increase.
Why it matters: The company has taken on many more long-term leases, tying up cash flows far into the future and making it harder to cut costs quickly if the business slows down.
p.10 important conf 95%
The pages provided contain no borrowings note, no drawn debt figure, no undrawn facility disclosure, and no covenant headroom information.
Why it matters: Without knowing the size of bank loans or bond debt and any loan limits attached to them, it is hard to give a complete picture of financial risk.
important conf 85%
No interim or final dividend was paid in the year ended 31 March 2025 (2024: also nil).
Why it matters: The company is retaining all profits rather than returning cash to its owner, which is consistent with needing cash to manage its large debt and lease load.
p.3 useful conf 99%
The company reported a profit for the year of £99.3m (2024: £11.3m).
Why it matters: Profit improved strongly, but this needs to be read alongside the rising lease and debt obligations to judge overall financial health.
p.3 useful conf 99%
The net deferred tax asset reduced by £110.6m to £1,572.3m, mostly due to a £112m charge to the income statement.
Why it matters: A large deferred tax asset shows the company expects to use past losses and allowances against future profits, but it is unwinding faster than new credits are being added.
p.7, p.8 useful conf 90%
Committed but unspent capital contracts fell to £73.0m (2024: £107.6m).
Why it matters: Planned future capital spending is falling, which could mean the company is pulling back on investment, possibly to manage cash.
p.9 useful conf 90%
Operating profit rose by £116.2m year on year, from £8.3m in 2024 to £124.5m in 2025.
Why it matters: This is a very large improvement in day-to-day profit, driven partly by a one-off income right transfer, so suppliers and partners should note it is not all from trading activity alone.
p.3, p.4 important conf 92%
Profit for the financial year increased from £11.3m in 2024 to £99.3m in 2025, nearly nine times higher.
Why it matters: The company is now making a lot more money than a year ago, which signals it is in a healthier financial position for anyone thinking about doing a long-term deal with them.
p.4 important conf 95%
The fixed broadband base added 227,000 customers in the year ended 31 March 2025.
Why it matters: Adding this many broadband customers shows the company is one of the UK's fastest-growing broadband providers, which supports future service revenue.
p.3 important conf 88%
Cash at year end dropped from £74.8m in 2024 to £15.0m in 2025, though a £542m handset receivables sale completed in March 2025.
Why it matters: Very low cash on hand could be a concern for short-term creditors, though the handset receivables sale shows the company can raise cash quickly when needed.
p.4 important conf 90%
Total revenue rose from £5,816.0m in 2024 to £5,851.8m in 2025, a gain of £35.8m.
Why it matters: Revenue growth was almost flat, meaning the company is holding its ground but not surging — good enough to stay stable but not a sign of strong expansion.
p.3 useful conf 95%
Service revenue rose from £4,783.0m in 2024 to £4,860.4m in 2025, a gain of £77.4m.
Why it matters: Service revenue is the most reliable part of a mobile operator's income, so even modest growth here shows the underlying business is getting stronger.
p.3, p.4 useful conf 95%
Adjusted EBITDAaL grew 2.6% from £1,180.5m to £1,211.2m, pushing the margin from roughly 20.3% to 20.7%.
Why it matters: A rising EBITDA margin means the company is keeping more profit from each pound of revenue — a sign it is getting more efficient, which is good news for anyone doing business with it.
p.3, p.4 useful conf 90%
Mobile complaints to Ofcom dropped 30% compared to the prior year, giving Vodafone a market-leading NPS position.
Why it matters: Fewer complaints and a better customer satisfaction score means customers are less likely to leave, which protects future revenue.
p.3 useful conf 85%
Other revenue (mainly equipment) fell from £1,033.0m in 2024 to £991.4m in 2025, a drop of £41.6m.
Why it matters: Fewer mobile device sales is a known industry trend as people keep phones longer — it reduces total revenue but has little impact on the more profitable service business.
p.4 useful conf 90%
Net finance result moved from a £35.2m income in 2024 to a £12.9m cost in 2025, mainly due to higher lease liability interest.
Why it matters: This £48m swing in the wrong direction shows rising debt-related costs, which reduces the profit left over after running the business.
p.3, p.4 useful conf 88%
Specialist deep panels · Structured price capture
Below the prose findings, each agent publishes a structured numeric metrics block. Segmental revenue, named KPIs with YoY %, and capital-structure metrics — direct from the source filings.
Segmental analysis
Top-segment revenue concentration: 100.0% · Segment totals reconcile to the group P&L
Strategic KPIs
Capital structure
Management questions · Open inquiry
Generated by the AI from the disclosure gaps it detected. Hover or tap each card to surface the underlying evidence that triggered the question.
Verification gaps
High-trust analysis names its own blind spots. These are metrics the AI looked for and couldn't find — anything material to the verdict needs management or independent verification.
No borrowings note, drawn debt figure, undrawn facility disclosure, or covenant headroom information is present in the filed pages reviewed, leaving a significant gap in the full liability picture.
07 · Documents
Filing pattern + upcoming windows
Due at Companies House by 2026-12-31 for the period ending 2026-03-31.
Annual confirmation due by 2027-03-01 (made up to 2027-02-15).
Final chapter — The verdict
Good Trust
The UK operation is genuinely recovering — but it runs on group money, not its own, and the compliance flag means this report needs revisiting at the next filing.
FY2025 audited accounts
Signal Radar
Decisive findings
The hard-hit facts that drove the score. Full breakdown — chapters, between-the-lines, all specialist findings — sits on AI Insights.
IFRS 16 lease liabilities total £2,508.8m (2024: £1,685.7m), up £823.1m in one year.
Why it matters: Lease debts have jumped by nearly half in a year, meaning the company has locked in much more future spending on buildings and network sites, reducing financial flexibility.
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Operating profit is £124.5m but finance costs are £131.4m, giving interest cover of 0.95x.
Why it matters: The company is not earning enough from its operations to cover its interest bill, which is a warning sign for anyone extending credit or trading on long payment terms.
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09 · Verification
What we read
Who we cross-checked
Screening status
Steps we ran
Each step in detail
Limits and caveats
No sector-cohort comparison was generated for this filing — the benchmarking pipeline either skipped this SIC code or this report predates that block.
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