Sarin boosted by Vodafone rise

Mobile giant Vodafone has reported revenue growth in line with expectations ahead of a vital shareholder meeting today where the company’s chief executive Arun Sarin faces a revolt.

The company which has seen its share price drop from above 150p to lower than 120p since November last year, reported 6.4% organic growth in total mobile revenues for the quarter to June 30. It said it was on target to achieve between 5% and 6.5% growth for the year.

Sarin said: “This is a robust operating performance in testing markets with revenue for the quarter in line with expectations.”

The results come at an auspicious moment for Sarin as shareholders commanding more than 10% of the company – including Standard Life, Hermes and Morley Fund Management – are expected to oppose his position today.

The mutiny follows the company’s warning of a revenue slow down last year followed by losses of £14.9bn in May after a £28bn write down on the value of its assets.

Sarin insisted on Monday that a “silent super-majority” supported him.

More as this story develops