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U.K.-based telco says free movement of people, capital, goods are integral to pan-European businesses.
Vodafone on Wednesday said it might move its group headquarters out of the U.K. following the country’s vote to leave the European Union.
In an emailed statement, the telco noted that its European operations, excluding the U.K., accounted for 55% of group EBITDA in 2015-2016, while Vodafone U.K. contributed 11%.
Vodafone employs 108,000 staff worldwide, 15% of whom are based in the U.K. In addition, just 4% of its 462 million mobile customers reside in the U.K.
"The U.K.’s membership of the European Union has been an important factor in the growth of a company such as Vodafone. Freedom of movement of people, capital and goods are integral to the operation of any pan-European business as are single legal frameworks spanning all member states," Vodafone said, adding that access to the digital single market (DSM) emerging in Europe should represent "a significant opportunity" for the U.K.
Vodafone said it is not sure how many of these positive attributes will remain in place following a Brexit, so it cannot say with any certainty whether it will keep its headquarters in the U.K.
"We will continue to evaluate the situation and will take whatever decisions are appropriate in the interests of our customers, shareholders and employees," Vodafone said.
In the meantime, Vodafone said it will strengthen its regulatory and public policy activities in Brussels to ensure that it continues to be represented appropriately at EU level.
