Two of Britain's biggest companies have reported big losses. Vodafone, the world's second biggest mobile operator, was dragged down by the troubled Indian unit it is spinning off and British budget airline easyJet has been hit by the weak pound and the late timing of Easter.
Vodafone's signature red seeping on to the markets as the mobile operator reported a 6.7 billion dollar loss for the year ending March. Its troubled Indian unit to blame Cut-throat competition there forcing it to merge operations with Idea Cellular. as Vodafone - like many others - finds the opportunity of India fraught with difficulties SOUNDBITE (English) NAB, GLOBAL HEAD OF FX STRATEGY, NICK PARSONS, SAYING: "I think there are significant opportunities for the UK, they are in consultancy, they are in infrastructure, they are in power engineering and power plants and those types of businesses. I don't think it's the retail sector. The logistical and cultural challenges are simply too great to be overcome from afar." But back at home the telecoms giant was underperforming too. The UK one of its worst markets last year, as revenues dropped 17 percent due to the weak pound. Vodafone's still confident in it's outlook for 2018 forecasting earnings growth of up to 8 percent as it seeks to reassure investors. It's not the only British company being weighed down by Brexit. Budget airline EasyJet has posted a bigger than expected first half loss of 273 million dollars That, sending its shares tumbling 6 percent SOUNDBITE (English) NAB, GLOBAL HEAD OF FX STRATEGY, NICK PARSONS, SAYING: "The fact is the prices that firms are actually paying still remains substantially higher than they would have budgeted for 12 months ago. So that squeeze on margins is very much continuing for British industry and it is going to be I think continued tough times ahead." But when the going gets tough, the tough get going. EasyJet says it plans to lower operating costs by ordering bigger planes And it's confident its cost performance for the full-year will be strong.