Market expectations of Vodafone are not nearly as high as they were, yet the mobile phone giant is still struggling to please. The shares fell nearly 5 per cent yesterday after news of double-digit growth in both Ebitda and revenues for the year to end of March. For virtually any other company of Vodafone's size, this would be regarded as a stonkingly good set of results. Not so at Vodafone, where once-inflated expectations have plainly still got a way to fall before they fully align themselves with reality.

The new factor in yesterday's statement was the extent of the pasting that Vodafone is taking in Japan, where even the supposed marketing clout of David Beckham has failed to halt a precipitous slide in operating profits and average revenue per subscriber. Vodafone's Japanese arm seems so far to have derived few benefits from being part of a global mobile phones behemoth. To the contrary, Vodafone's attempt to have its Japanese platform conform with international standards for next-generation services may have further undermined its position in this viciously price competitive market.