Vodafone reassured nervy investors on Friday with results showing faster-growing markets such as India and Turkey helping the world's largest mobile company to withstand tough trading and regulation in Europe, according to Reuters. Sector analysts had been braced for a slew of bad results from European telecom companies, as regulatory changes eat into margins and consumers struggle, but they had looked to Vodafone and Telenor to shine due to their presence in the fast-growing emerging markets. Telenor did just that earlier this week. "We have made a good start to the year, reporting robust results despite challenging macroeconomic conditions across southern European economies and the impact of cuts to mobile termination rates," Vodafone Chief Executive Vittorio Colao said. "With our broad geographical mix and improving market positions, we are well placed for the rest of the financial year." Shares in the group were up 1.5 percent in mid-morning trading. Vodafone posted first-quarter organic service revenue growth of 1.5 percent, down from the 2.5 percent growth recorded in the previous quarter but marginally ahead of a Reuters poll. The overall performance was pulled lower by the 1.3 percent fall in European organic service revenue, which had accelerated from the fourth quarter, as Spain particularly dragged on its fortunes. Germany however remained resilient, as did Italy and Britain, which analysts suggested could be bad news for rival Telefonica . -- SPA
