Veon upgrades core profit, revenue targets as it expands operations (updated)

VEON

20/11/2023 11:41

(Adds revenue target in paragraph 3, share move in paragraph 4,
CEO quote in paragraph 6, capex target in paragraph 5)
       Nov 20 (Reuters) - Mobile telecoms operator Veon
 VON.AS  raised its full-year core profit and revenue targets on
Monday, citing its expansion into financial services,
entertainment, education and healthcare.
    The Amsterdam-listed company now expects full-year growth in
its earnings before interest, taxes, depreciation and
amortisation (EBITDA) to be between 18% and 20%, against a prior
forecast of between 10% and 14%.
    Veon also sees 18%-20% sales growth in the full year. Its
previous outlook was for revenue to increase between 16 and 19%,
guidance which had already been raised once in August.
    Shares were up around 4% at 1110 GMT.
    The group, which operates across six markets, nonetheless
cut its investment target. Veon's capex intensity outlook for
the year was reduced to 16 to 18% compared to previous guidance
of between 18 and 20%.
    "Following the completion of the sale of Russia operations,
financial discipline remains our top priority," CEO Kaan
Terzioglu said in a statement.
    The company announced its complete exit from the Russian
market last month.

 (Reporting by Victor Goury-Laffont; Editing by Louise Heavens
and Jan Harvey)
 ((Victor.Goury-Laffont@thomsonreuters.com;))