Plus ca change
Hold a mo, isn't this the same Vodafone that squeezed out a circa £6bn writedown same time last year? And the same Vodafone that cropped off a £2bn writedown iin 2010? And the same Vodafone that puffed on a £6bn writedown in 2009. And the same Vodafone that laid a perfectly formed £12bn writedown in 2008? And the same Vodafone that rolled out a stonking £28bn writedown in 2006?
Has nobody noticed a trend here?
And the curious thing is that the write offs listed are slightly above current market capitalisation, suggesting that over the medium term the board have managed to waste more than they've made.
Far from "offering optimism for improvement", the simple fact that this is Vodafone, with its useless, overpaid, city grandee board means it is poised for further writedowns. Clara Furse will fit right in.