Vodafone Group has reported a 2.2 percent rise in organic earnings for its preliminary earnings statement for the year ending March 31, 2024, following improved performances in Germany and the UK.

CEO Margherita Della Valle said Vodafone was delivering growth in all of its markets across Africa and Europe, including its largest market Germany.

The telco has notably shed some of its assets in the past year, including the sale of its respective Italian and Spanish units.

Vodafone agreed to sell its Italian business to Swisscom for €8 billion ($8.7bn), while it sold its Spanish arm to UK investment firm Zegona for $5.3bn. The latter was this week approved by the Spanish government and is expected to complete at the end of this month.

"A year ago, I set out my plans to transform Vodafone, including the need to right-size Europe for growth," said Della Valle, who replaced Nick Read in the role last year. "Since then, we have announced a series of transactions and we are now delivering growth in all of our markets across Europe and Africa.

"Much more still needs to be done in the year ahead. We will step up investment in our customer experience, improve our underlying performance in Germany, and accelerate our momentum in business, whilst also continuing to simplify our operations throughout the group. We are fundamentally transforming Vodafone for growth.”

Group service revenue increased by 6.3 percent, with Europe, Africa, and Business all growing, Vodafone confirmed.

The company also revealed that operating profits for the year fell by 74 percent to €3.7bn ($4bn) against €14.4bn ($15.5bn) as results in the previous year were improved by the €8.6bn ($9.35bn) sale of its Vantage Towers business, plus the sale of its Hungarian and Ghanaian units.

The telco has focused on streamlining its operations, specifically focusing on Germany and the UK, where it's currently set to merge with CK Hutchison's Three.

The UK government last week gave its blessing to the £15 billion ($18.8bn) deal, though the merger is currently being probed by the UK's Competition and Market Authority (CMA).

Della Valle said this week that she doesn't expect the deal to require any remedies, despite the merger consolidating the market down from four carriers to three.