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Shares in Vodafone the multi-national mobile and broadband provider jumped more than 5% on Tuesday morning (12 May) after the company reported a notable return to profit and promised to maintain its annual dividend of 8p per share at a time when most of its FTSE 100 peers are freezing theirs.

During the first quarter, the company’s revenue rose 3% to €44.97bn (from €43.7bn a year ago) and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 2.6% to €14.9bn. This means that for the financial year to the end of March 2020, the telecom giant delivered a pre-tax profit of €795m following a €2.6bn loss in the previous year.

The results reflect a big improvement in net losses, which fell to €455m in the year to the end of March, after they topped €7.6bn the year before due to losses on its discontinued Indian operations.

Even so, the company warned of a weaker performance this year due to the coronavirus crisis.