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VODAFONE GROUP REPORTS RESULTS

 VODAFONE GROUP REPORTS RESULTS
 LONDON, June 9 /PRNewswire/ -- The directors of Vodafone Group Plc


(ADRs - NYSE: VOD) today announced that sales for the year ended March 31, 1992, amounted to $1,073.8 million, an increase of 9 percent over the previous year.
 Profit before tax amounted to $498.6 million, an increase of 11 percent.
 Taxation is estimated at $160.5 million, equivalent to a rate of 32 percent on pre-tax profits. Earnings per share amounted to 33.72 cents per share, an increase of 9 percent on the previous year.
 (NOTE: Figures converted to U.S. dollars at 1 pound sterling equals $1.8345.)
 The directors are recommending the payment of a final dividend of 5.39 cents per share, net of tax, making a total of 10.64 cents per share, net of tax, for the year, excluding the special dividend paid on demerger. This represents an increase of 10 percent on the net dividend of 9.67 cents per share for the year ended March 31, 1991.
 Warrants for the final dividend will be posted on Aug. 11, 1992, to shareholders on the Register of Members on July 3, 1992.
 Demerger
 On Sept. 16, 1991, the full demerger from Racal Electronics Plc was completed and the name of the company was changed from Racal Telecom Plc to Vodafone Group Plc. A special dividend of 5p net per ordinary share was paid to facilitate the demerger.
 There has been no change in the management of any of the Vodafone Group companies as a result of the demerger but the group has now established its own company secretariat, legal, treasury, pensions and corporate affairs departments, disciplines which were formerly shared with Racal Electronics Plc.
 The shares of Vodafone Group Plc entered the FT-SE 100 index on the day of the demerger.
 Current Operations
 The group has continued to grow throughout the recession, albeit at a slower rate. Vodafone Limited maintained its 56 percent share of the U.K. cellular market. The rate of gross connections is increasing steadily month by month, as is the average revenue per subscriber. Although the churn rate (customers leaving the network) remained high, mainly through businesses reducing staff or closing, net connections showed reasonable growth.
 Other businesses within the group have made good progress, Vodac, Vodapage, Vodata and Telecell all improving their profitability.
 Orbitel Mobile Communications, the group's 50:50 joint venture with L.M. Ericsson, was adversely affected by late deliveries of test equipment to GSM approval houses, the collapse of the UK Telepoint market and certain product rationalization. 1993 should see a return to more favorable trading conditions following the approval of Orbitel's GSM products and deliveries of overseas Telepoint orders.
 In March, Brand Three Radio Limited became a wholly owned subsidiary of the Vodafone Group and was then merged with its competitor, GEC National One, thus creating a viable entity. The group now has a 50 percent interest in this new joint venture called National Band Three Limited.
 On Dec. 2, 1991, Vodafone opened the United Kingdom's first digital mobile telephone service which forms part of the pan-European system being implemented throughout Europe. This new digital network will provide the foundation for a Micro Cellular service to be introduced in 1993 to broaden the market for mobile telecommunications.
 In November 1991, Vodafone Group Plc acquired a 30 percent interest in Pacific Link Communications Limited, a Hong Kong cellular telephone network operator, for a cash consideration of US$75 million. The company is trading profitably and has added to the group's earnings per share.
 In January of this year the group increased its investment in Scandinavia by a further $38.52 million and now holds 18.9 percent of NordicTel Holdings AB. These funds will be used by the joint venture to help finance the building of GSM networks in Sweden and Denmark.
 After these investments and the payment of the special dividend, the group improved its cash position by $62.37 million to end the year with $119.24 million net cash.
 The Vodafone Group Plc performance for the present year should show an improvement on the results for 1991/1992. The long term prospects remain good.
 VODAFONE GROUP PLC
 Full Year Results
 (Dollars in 000's)
 1991/1992 1990/1991 Pct. Inc.
 Turnover $1,073,801 $ 984,829 9
 Operating profit 483,394 444,378 9
 Interest receivable 15,158 4,447
 Profit before taxation 498,552 448,825 11
 Taxation 160,548 139,682
 Profit after taxation 338,004 309,143 9
 Minority interests -- 84
 Profit attributable to
 members on ordinary
 activities 338,004 309,227
 Extraordinary income (A) -- 63,290
 Profit attributable
 to members 338,004 372,517
 Earnings per share 33.72c 30.93c 9
 (A) -- The extraordinary income arose from the disposal of 50 percent of Orbitel Mobile Communications to L.M. Ericsson.
 Rates of Dividend
 Year ended March 31 1992 1991
 Final, proposed (percent of
 nominal value) 58.8 pct 53.4 pct
 Amount absorbed (to shareholders
 on the register at close of
 business on July 3, 1992) $ 54,176,454 $ 48,981,150
 Interim already paid (percent
 of nominal value) 57.2 pct 52.0 pct
 Amount absorbed $ 52,690,509 $ 47,697,000
 Special already paid (percent
 of nominal value) 100 pct --
 Amount absorbed $ 91,725,000 --
 Total (percent of nominal value) 216.0 pct 105.4 pct
 Total amount absorbed $198,591,960 $ 96,678,150
 -0- 6/9/92
 /CONTACT: Jennifer Wall of D.F. King & Co., 212-269-5550, for Vodafone/
 (VOD) CO: Vodafone Group Plc ST: IN: TLS SU: ERN


GK-OH -- NY013 -- 8275 06/09/92 10:10 EDT
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