By Kate Hanaghan, 28 May 2002 12:20
NEWS Shares in Vodafone continued to spiral downwards this morning after the company revealed losses thought to be the biggest ever in UK corporate history.
The company notched-up massive losses of £13.5bn for its 2002 financial year, equivalent to £37m a day.
The losses are the result of excessive buying during the telecoms boom and saturation in the mobile phone market.
Although shares initially traded well into the green - by as much as seven per cent - by mid-morning they were back into the red by 2.6 per cent.
The company claims it will see double digit growth during this year and a 10 per cent growth in customer numbers.
For related news, see:
Vodafone yearly losses widen
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