Vodafone posts largest ever corporate loss

Huge losses drive share price down...

Shares in Vodafone continued to spiral downwards this morning after the company revealed losses thought to be the biggest ever in UK corporate history. The company notched-up massive losses of £13.5bn for its 2002 financial year, equivalent to £37m a day. The losses are the result of excessive buying during the telecoms boom and saturation in the mobile phone market. Although shares initially traded well into the green - by as much as seven per cent - by mid-morning they were back into the red by 2.6 per cent. The company claims it will see double digit growth during this year and a 10 per cent growth in customer numbers. For related news, see:
Vodafone yearly losses widen
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