Vodafone Group reported 5.5% organic service revenue growth in the first quarter. European service revenue grew by 3.1%, excluding Turkey and Africa. Germany sales declined 3.2% organically, showing improvement but still a challenge. UK organic service revenue growth was 0.9%. Vodafone Three lost 46,000 mobile customers, totaling 28.8 million.

Vodafone is focusing on boosting financial performance through divestments, mergers, and acquisitions. The company must execute on cost synergies after completing a merger. Vodafone intends to reduce 3,200 roles in Germany, but it’s unclear if this will result in a net reduction in the workforce. The fair value estimate for Vodafone is maintained at GBX 89.

Read more at Morningstar: Germany and UK Remain Key Areas of Focus; Maintaining Fair Value Estimate