Vodafone's share price shot up 5.7% this morning after the telecommunications giant increased its earning forecast and announced ambitious product development plans.
Shares in the UK's largest telecommunications company were trading at 219.75p by mid-morning, up from 207.9p when markets closed the previous evening.
Vodafone's half-yearly report revised earnings before interest, taxes, depreciation, and amortization (EBITDA) up to £11.9bn for the year, beating the previous forecast of £11.6bn.
The firm also laid out plans to roll out 4G over the next 18 months to reach 90% coverage in Europe, aiming to encourage customers to sign up to contracts with bigger data allowances. It said a two-year investment programme worth £19bn is "well underway".
The move will put the network provider in direct competition with BT, which is planning its own attack on the mobile market.
Group chief executive Vittorio Colao said: "We have made encouraging progress during the quarter. There is growing evidence of stabilisation in a number of our European markets, supported by improvements in our commercial execution and very strong demand for data."
Vodafone's special dividends earlier this year contributed to a record quarter for dividend payments. At the end of September, the firm reported an interim dividend per share of 3.6p, up 2%.
The jump in its share price helped prop up the FTSE 100 this morning, which traded 18 points higher at 6,629 in the early hours, before dropping back down to 6,618 by 11am.
