Vodafone's emerging market operations continued to support wider revenue growth. Growth in the Eastern Europe, Middle East, Africa & Asia and Pacific region was 45.1% including acquisitions in India and Turkey and 14.5% on an organic level. However, these acquisitions had an impact on overall debt levels, which rose 67% from £15bn to £25bn.

The group will pay a final dividend of 5.02p taking the total for the year to 7.51p, up 11.1%.

The shares rose 3.45p to 166.75p in early trading. The shares peaked at just under 200p towards the end of last year. They now trade on a P/E of 12.6x. This is a long way from their giddy heights in the dotcom boom, valuing them as a utility rather than a racy technology company, which is probably about right.

Given that the new boss has served under Sarin and that Sarin’s strategy has been considered more successful by the City since his problems two years ago, shareholders should probably not expect a radical strategic departure by Colao. The emerging market growth for the company is exciting, but its huge debts and weakness in its European business should curb investor enthusiasm.