By Adria Calatayud

Vodafone Group PLC said Friday that it is on track for an initial public offering of its new European towers company, called Vantage Towers, early next year, and that the coronavirus pandemic hurt revenue in the first quarter of fiscal 2021.

The U.K. telecommunications group said Vantage Towers, with 68,000 towers across nine markets, is targeting a prime-standard listing in Frankfurt in early 2021. Vantage will own Vodafone's stake in Infrastrutture Wireless Italiane SpA, while Vodafone's U.K. infrastructure joint venture Cornerstone Telecommunications Infrastructure Ltd. may also be added, the company said.

Vodafone also said it is merging its towers business in Greece with Wind Hellas' towers business to create the leading tower infrastructure company in the country.

Separately, Vodafone said revenue for the three months to June 30 fell to 10.51 billion euros ($12.18 billion) from EUR10.65 billion for the year-earlier period.

Quarterly organic service revenue--a closely-watched metric that tracks revenue generated from telecommunications services on a comparable basis--was down 1.3% for the quarter, following a 1.6% rise in the previous quarter.

The company attributed the revenue decline to the impact of the coronavirus pandemic, which resulted in lower revenue from roaming and visitors, project delays and lower automotive activity in its business segment, and lower prepaid revenue in some smaller markets.

Vodafone said its outlook for fiscal 2021 remains unchanged.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

July 24, 2020 02:36 ET (06:36 GMT)

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